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Friday, May 19, 2023

Herbalife Asia Pacific Survey Reveals: 3 in 5 People Turn to Side Jobs to Make Ends Meet

Herbalife, a global health and wellness company and community, released the findings of its 2023 Asia Pacific Side Job Survey, which showed that almost 3 in 5 (59%) respondents have a side job, and the top reason for doing so is to make ends meet (61%). Other reasons for starting a side job included dealing with the rising cost of living (44%) and being less reliant on a single source of income (43%). 

The survey was commissioned by Herbalife and conducted via One Poll in Australia,  Indonesia, Malaysia, Philippines, Singapore, Taiwan, and Vietnam among 5,500  respondents. 

More than half (56%) said their current financial situation makes it difficult to pay for  necessities like food, utilities, and medicine. Seven in 10 (72%) admitted that they were  equally, if not more worried, about money now than a year ago. In addition, 56% said that they have no idea what their financial future looks like, and for some, this is having a  negative effect on their mental health.  

When asked about their side jobs, selling products on e-commerce websites; content creation; and writing, editing, or proofreading were the most common — while direct sales,  otherwise known as network marketing, came in as the fourth most common side hustle.  APAC respondents with a source of additional income said, on average, they’d need to earn between US$300-$700 per month to live comfortably. 

“The increased cost of food, housing, and natural resources have affected communities  globally, causing people to search for supplemental income streams. The direct selling  opportunity has existed for more than a century - it provides a way to ease people’s financial  situation and, more importantly, a support system to achieve one’s goals,” said Stephen  Conchie, Herbalife’s regional president of Asia Pacific and China. 

“Whilst having a side job can provide more financial flexibility, a sense of security, and the  means to make ends meet, it’s important for individuals to choose a side job that’s right for  them,” said Conchie. “Direct selling offers time flexibility and low start-up costs. It’s also an  opportunity to market a product or service you’re passionate about, which helps ensure you’ll  dedicate the necessary time and effort.” 

The survey also revealed the differences in how Millennials and Gen Zs viewed side jobs compared to other age groups: 

• Millennials were the most likely to have a side job (63%), followed by Gen Zs (59%),  Gen X (50%), and Baby Boomers (45%) 

• Top reasons to start a side job for Millennials were to deal with rising costs of living  (47%), to be less reliant on a single source of income (46%), and to have a financial  safety net (43%) 

• Top reasons to start a side job for Gen Zs were to have a disposable income (43%),  to be less reliant on a single source of income (41%), and to deal with rising costs of  living (40%)

On average, those with a side job commit an average of about eight hours per week to that  side hustle. However, that time can vary: 29% dedicate 3–5 hours a week to their side job,  while 22% devote 6–10 hours per week. 

What are the respondents’ motivations for starting a side job?  

● To deal with the rising cost of living and inflation — 44% 

● To be less reliant on a single source of income — 43% 

● To have a financial safety net — 39% 

● To have a disposable income — 37% 

● To help support family members — 34% 

● To help pay off debt — 27% 

● To pursue a passion or hobby — 27% 

● To retire early or achieve financial freedom — 23% 

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