People Struggling With Inflation Are Likely To Set Up Alternate Streams Of Income To Make A Living, New Study Claims

The rising costs of everyday living are a struggle that many of us are forced to deal with. And with inflation touching the skies these days, it makes sense why millennials are turning to side hustles to meet their financial needs.

A new study surveyed individuals about the rising expenses and how they are coping with them. The findings proved how 4 in 10 people requested loved ones to give them money in the past year so they could meet basic needs.

A total of 8500 respondents were taken aboard in the study from 10 differnet countries. They included 2000 US citizens and the results proved how 43% continued to ask for financial help in the past year.

So many people are relying on other people to assist with meeting their basic necessities. And that entails groceries and rent or even things like a mortgage.

Meanwhile, those that came to the rescue were either their parents or pals who responded with help. But some did even resort to their colleagues while a few did request their children for help.

The study was brought forward by Herbalife and carried out thanks to OnePoll. They found that asking for help is not a true reflection of their not putting out enough effort.

Around 56% do have side jobs or other means of providing themselves an income. This is in stark comparison to about 40% of people in particular.

As far as age groups are concerned, it’s the millennials who are more likely than the rest to have another stream of making revenue than the baby boomers. Among those that did have a side hustle, they claimed to have been engaged in it to make ends meet.

But other than that, some of the leading reasons for having a side hustle included the rising rates of inflation, less reliance upon single income, and having a means of income that was disposable.

On an average basis, the side hustle would enable them to put in eight hours of extra work per week. While the rest said that it could vary. But the added ease of living comfortably and not having the problem of meeting needs is definitely worth a discussion.

It’s that mental peace that you’ll make it by the end of the week that has some living in a state of comfort.

Read next: Is a degree essential to a career in tech?
by Dr. Hura Anwar via Digital Information World