Smart steps to economic empowerment in the new year

Despite today’s challenging economic climate, the majority of Americans feel economically empowered and continue to strive for their professional goals, but there are generational differences, with Gen Z and millennials feeling more confident than Gen X and baby boomers.

According to a survey commissioned by Herbalife, 55% of Americans are currently taking steps to feel more economically empowered. In fact, 73% of respondents said that starting their own business or partaking in freelance work feels like the only way to become economically empowered.

The study, which surveyed 2,000 Americans and 5,000 international respondents from 6 different countries, defined economic empowerment as providing people with the education, training and skills that they need to find a job, earn an income and become self-supporting.

Economic realities

According to survey findings, 78% of Americans are more aware of their economic situation in the past five years, with almost half (47%) attributing it to the pandemic.

“In recent years, Americans have faced a number of barriers to achieving economic empowerment such as inflation, business closures and unfair lending processes. Providing more opportunities for economic empowerment is essential for all,” said Humbi Calleja, vice president and general manager of Herbalife, North America.

Nevertheless, Americans are hopeful. In fact, 67% believe that they will be economically empowered in the future.

Finding economic opportunities

The new year is the ideal time to embrace economic empowerment and set goals. Of those Americans taking steps to become more empowered, 40% are educating themselves about personal finance, budgeting, investing and managing debt.

The survey also revealed generational differences. For example, Gen Z and millennials are the most likely to currently feel economically empowered (66% and 70%, respectively) compared to 51% of Gen X and 52% of American baby boomers.

Interestingly, over half of both Gen Z and millennials have a side hustle compared to 35% of Gen X and only 7% of baby boomers.

“There are many opportunities available for people looking to achieve economic empowerment by starting their own business,” said Ibi Montesino, executive vice president, chief of staff, Herbalife. “For example, network marketing allows you to start a business at a manageable cost, plus receive ongoing training, resources and support."

Calleja and Montesino suggest these tips to help people take steps toward economic empowerment:

Improve your financial literacy: Learn more about effectively managing, saving and investing your money. This can include budgeting, eliminating debt, buying insurance, exploring investments and creating retirement savings plans.

Set clear financial goals: Goals should be specific, measurable and achievable for your short-term and long-term future, including saving money regularly and paying off debts. Creating goals can help you turn vision into reality.

Invest in education and skill development: By attending continued education like on-the-job training, online and certification courses, you are investing in yourself and your future. This demonstrates your commitment to your personal and professional growth, which can lead to better career prospects and financial rewards.

Start your own business or side hustle: Today, almost half of Americans have a side hustle outside of their day job to generate additional income. Consider your interests and options to set yourself up for success.

Work to build strong personal and professional networks: Having strong connections in your personal and professional life offers many benefits. You have access to support, mentors, opportunities and so much more.

Now is the ideal time to set yourself up for professional success and take steps toward economic empowerment. To learn more about starting a new business and earning some extra income, visit Herbalife.com.