Four in 10 respondents have asked their loved ones for money over the past year, to deal with the rising cost of living, according to new research.<br /><br />The survey of 8,500 respondents across 10 countries — including 2,000 Americans — revealed 43% of people surveyed have asked for financial help in the past 12 months.<br /><br />Results show respondents are relying on others for help with essentials, including groceries (40%) and their rent or mortgage (29%).<br /><br />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.<br /><br />Commissioned by Herbalife and conducted by OnePoll, the survey found the need for help isn’t a reflection of respondents’ lack of effort. <br /><br />Results found 56% of respondents currently have a side hustle or other form of supplemental income. This is compared to 40% of American respondents, specifically.<br /><br />Millennials were the most likely to have a side hustle (61%), compared to 40% of baby boomers.<br /><br />And 55% of respondents with a side hustle shared that they started it solely to make ends meet.<br /><br />Other top 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%).<br /><br />But that time can vary: 28% dedicate 3–5 hours a week to their side hustle, while 24% devote 6–10 hours per week.<br /><br />“The increased cost of food, housing and natural resources have affected communities globally, causing people to search for supplemental income streams. This opportunity has existed for more than a century through direct selling, which provides flexibility and, more importantly, a support system,” said Ibi Montesino, Herbalife’s executive vice president of distributor and customer experience.<br /><br />American respondents with a source of additional income said, on average, they’d need to earn about $404 more per month to live comfortably.<br /><br />When asked about expenses, 52% of all respondents said if they needed to cover a surprise $500 cost tomorrow, it would stop them from being able to cover necessities later in the month.<br /><br />Millennials were more concerned about this hypothetical expense than baby boomers (54% vs. 46%). And millennials compared to baby boomers, were also more likely to say their current financial situation makes it difficult to pay for necessities (62% vs. 41%).<br /><br />WHAT ARE RESPONDENTS’ MOTIVATIONS FOR STARTING A SIDE HUSTLE?<br /><br />To deal with the rising cost of living and inflation — 40%<br /><br />To be less reliant on a single source of income — 38%<br /><br />To have a disposable income — 36%<br /><br />To have a financial safety net — 34%<br /><br />To help support family members — 31%<br /><br />To help pay off debt — 26%<br /><br />To pursue a passion or hobby — 25%<br /><br />To retire early or achieve financial freedom — 23%
