According to a new study commissioned by Herbalife, almost half (40%) of Americans are turning to side hustles or other forms of supplemental income to cope with today’s challenging economy. 48% of those with side hustles said they started solely to make ends meet.
“The rising cost of living is causing Americans to fall behind on their monthly bills,” said Humbi Calleja, Herbalife vice president and general manager for North America. “More people are turning to direct selling opportunities to ease the financial strain.”
The study was conducted by One Poll on behalf of Herbalife, and surveyed 2,000 Americans. It examined numerous factors, including the motivations behind starting a side hustle, the most popular side hustles, the time Americans dedicate to these new ventures, and the impact finances can have on their mental health.
According to the findings, while most respondents with a side hustle are looking to make ends meet, others are interested in having a disposable income (29%), dealing with the rising cost of living (28%), and being less reliant on a single source of income (25%).
The survey also found some interesting statistics at millennials: For example, in addition to being the generation that is most likely to have a side hustle (66%), they are also the most likely to say that their financial situation makes it difficult to pay for necessities (41%).
On average, Americans with side hustles commit almost ten hours per week to side hustles, with the most common including selling products on e-commerce websites and driving for ride-share — while other respondents turned to direct sales.
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