Three quarters of brits concerned about financial future with millions looking to bolster their income with side hustles
New research commissioned by Herbalife Nutrition has revealed that nearly half of Brits (45%) say that paying their bills is currently their biggest personal challenge with a third (36%) looking at ways to boost their income to better support themselves. The new study has uncovered the tough times Brits are currently facing and the steps they’re taking – or plan to take – to help them manage.
While the results of the study may seem gloomy, Brits are open to a side hustle and earning a part time income with nearly 20 million (36%) planning on boosting their incomes to ease the pressure. Half will look to take on a side hustle (48%) while three in ten would look to take on a second job (30%). A fifth of Brits would consider becoming a direct-seller (20%) as a means for additional income, while over a tenth (15%) would be interested in pursuing a side hustle in nutrition. The most popular route would be setting up an online shop (33%) or pursuing a passion project (31%).
Research shows that direct sellers can make on average £481.00 per month. In light of the current economic climate, a third of Brits (27%) say that less than half of this, an additional £200 income per month, would help ease their money worries significantly with a quarter (25%) saying this would help pay their bills, stop them dipping into hard-earned savings (19%) or prevent them falling into debt (18%). Almost one in five wouldn’t need to give up basic necessities (17%).
Not knowing where to start (30%), insufficient time (21%), fear of start-up costs (21%), lack of skills and lack of confidence online (18%) are the main factors stopping Brits from starting a side hustle.
Manny Nwosu, country director, UK, Ireland and Iceland for Herbalife Nutrition says: “It’s clear that many Brits are looking for effective ways to boost their income with side hustles proving a particularly popular route. At Herbalife Nutrition, we know the thought of setting up a business can be daunting which is why our distributors receive training, support and a community to learn and grow with. Many of our independent distributors earn an additional income by running their business part-time and enjoy the flexibility of determining their own working hours around other work or activities. We work hard to provide them with all the ingredients they need to succeed whatever they choose to do.”