I can't speak for the third decimal place accuracy of the pay argument since I don't follow helo compensation trends in the least. Now, QOL is certainly a big trump card in people's decisions, but there's a lot more nuance to that trade than meets the eye. That's a sore subject for many because it juxtaposes two distinct economic demographics of professional pilots against each other. Personally I wouldn't and don't discount the economic motivations of those competing against me for the job I want, when it comes to setting my own expectations of compensation in order to meet my personal-finances and QOL goals. I took one look at our GINI index, and I flat out don't believe in labor shortages in 2018. I only believe in pay shortages in 2018.
I will say, the "silent second-income" argument isn't really unique to aviation. Should one adopt a dual-income mindset as a go/no-go on whether or not the job is worth pursuing? Many reject the idea such a consideration should be part of vocational choices, but from where I sit that metric has more to do with prevailing wages than any so-called shortage of qualified people.
IOW, qualified people not able to afford the job's offered wage does not equate to a shortage of pilots. It seems like semantics and/or a distinction without a difference, but that couldn't be farther from the case. It is quite central to this current play on words the industry is knee-deep involved in, which is why I strenuously reject the premise of a shortage in the first place.
Personally, though I hope for the sake of helo pilots that compensation and work rules improve in earnest, I just don't see that becoming the case.