Are millennials the new “hustle culture” generation? According to a recent survey by Herbalife, it seems so. The study found that 61% of millennials have a side hustle to make ends meet,
According to a new survey conducted by OnePoll, commissioned by Herbalife, 43% of respondents from 10 countries, including 2,000 Americans, have asked for financial help in the past year. The survey, which polled 8,500 respondents, found that the need for help doesn’t reflect respondents’ lack of effort, as 56% of respondents currently have a side hustle or other form of supplemental income.
The Rising Cost of Living Leads to Dependence on Loved Ones
The research found that the respondents were relying on others for help with essentials, such as groceries (40%) and their rent or mortgage (29%). Most respondents turned to their parents (57%) and friends (42%) for money. However, a quarter of respondents asked a co-worker, while more than one in 10 asked their child for money (15%) in the past year.
Side Hustles on The Rise Due to Economic Strain
The survey also revealed that the rise in living costs has led to a surge in side hustles, with millennials being the most likely to have a side hustle (61%) compared to 40% of baby boomers.
Respondents cited various reasons for starting a side hustle, such as dealing with the rising cost of living (40%), being less reliant on a single source of income (38%), and wanting to have a disposable income (36%).
Direct Selling Offers Flexibility and Support
Herbalife’s executive vice president of distributor and customer experience, Ibi Montesino, said, “The increased cost of food, housing, and natural resources have affected communities globally, causing people to search for additional income streams. This opportunity has existed for over a century through direct selling, providing flexibility and, more importantly, a support system.”
Financial Strain Impacting Mental Health
The survey also highlighted the negative impact of financial strain on mental health, with 51% of respondents saying their financial situation negatively impacts their mental health. Additionally, 58% of respondents admit they don’t know their financial future.
Network Marketing Offers Flexibility and Low Start-up Costs
The most common side hustles included selling products on e-commerce websites, content creation, and writing, editing, or proofreading. However, direct sales, known as network marketing, became the fourth most common side hustle.
Montesino added, “While having a side hustle can provide more financial flexibility, a sense of security, and the means to make ends meet in this economic landscape, it’s important for individuals to choose a side hustle that’s right for them.”
What Are Respondents’ Motivations for Starting a Side Hustle
- To deal with the rising cost of living and inflation — 40%
- To be less reliant on a single source of income — 38%
- To have a disposable income — 36%
- To have a financial safety net — 34%
- To help support family members — 31%
- To help pay off debt — 26%
- To pursue a passion or hobby — 25%
- To retire early or achieve financial freedom — 23%
Survey Methodology:
Herbalife Nutrition commissioned this random double-opt-in survey of 8,500 militar population respondents across ten countries between February 14 and March 15, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
This article was produced by Talker News and syndicated by Wealth of Geeks.
Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.