Survey reveals that millennials are now the most likely to have a side-hustle
Network Marketing is the fourth most popular way to make an additional income, a recent survey has revealed.* The survey completed by 8,500 respondents across 10 countries showed that millennials (61%) were most likely to have a side-hustle or other form of supplemental income (compared with 40% of baby boomers).**
Respondents also stated that their reasons for starting a side-hustle included 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%).
58% of respondents admitted they have no idea what their financial future holds, while 51% said their financial situation negatively impacts their mental health.
Why people are 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%
Feeling the pinch from the rising cost of living
The survey also revealed that four in ten respondents have asked their loved ones for money over the past year to deal with the rising cost of living. Results show respondents are relying on others for help with essentials, including groceries (40%) and their rent or mortgage (29%).
Their parents (57%) and their friends (42%) were the people respondents were most likely to turn to for money. But a quarter have turned to a co-worker, while more than one in 10 have asked their child for money (15%) in the past year.
Network Marketing is the fourth most popular side-hustle
When asked about their side-hustles, selling products on e-commerce websites, content creation / writing and editing / proofreading were the most common.
But Network Marketing came fourth. And we perhaps shouldn’t be surprised with the growth in the millennial age category. Millennials are widely accepted as being entrepreneurial and looking for flexibility in their working lives.
Time investment in a side-hustle
On average, the survey revealed that those with a side-hustle commit an average of around eight-and-a-half hours per week to it. But this time can vary: 28% dedicate 3-5 hours, while 24% devote 6-10 hours per week.
And this is borne out by Direct Selling Association (DSA) UK’s latest research. Its 2022 Consultant Survey across the industry confirmed most people work less than 10 hours a week on side-hustles, 63% have other jobs and 36% work their businesses in the evenings.***