Herbalife, a premier health and wellness
company, released the findings of its latest Asia Pacific Economic Empowerment
Survey, which showed that almost nine in 10 people (87%) are currently taking
steps to become more “economically empowered”. The top actions taken include
learning about personal finance, setting clear financial goals, investing in
education and skill development, and starting a business or side job.
Commissioned by Herbalife and conducted by
OnePoll, the survey 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. A total of 4,500 respondents from
Indonesia, Malaysia, Philippines, Taiwan, and
Vietnam participated in the survey.
More than one in two (56%) said that their
standard of economic empowerment has changed in
the past five years, as a result of the
pandemic and rise in inflation. Some of the main barriers
to achieving economic empowerment were a lack
of resources to invest in ideas, not having the
right skills for growth in a job, and limited
access to credit, money, or other financial services.
Additionally, there was strong sentiment (72%)
that starting one’s own business or doing
freelance work felt like the only way to
become economically empowered.
“Recent years have made it harder to achieve
economic empowerment amidst inflation,
business closures and a tougher lending
environment,” said Stephen Conchie, Herbalife’s
regional president for Asia Pacific. “As
economies struggle to recover post-pandemic, providing
solutions toward economic empowerment is
critical.”
“In today’s shifting employment landscape,
there are a number of opportunities available for
individuals looking to achieve economic
empowerment by starting their own business. Direct
selling, in particular, offers the possibility
to start a business at low cost, whilst being supported
by ongoing training, resources and a
like-minded community,” said Conchie.
According to the findings, economic empowerment
varies by country. At least one in two
respondents from Vietnam (51%) said that it
was easier to become economically empowered
where they live compared to other countries.
In Malaysia, Taiwan, Indonesia and Philippines,
the percentage was 48%, 48%, 41% and 36%
respectively.
The factors holding respondents back from
being economically empowered included:
●
I don’t have the resources I need
to invest in my ideas — 40%
●
I don’t have the right skills for
growth in my job/to get the career I want — 34%
●
Limited access to credit, money,
or other financial services — 31%
●
Lack of opportunities for
education/additional education — 25%
●
I grew up in a lower-income
household — 23%
Key actions taken by respondents to be more
economically empowered included:
●
Educating myself about personal
finance, budgeting, investing — 67%
●
Setting clear financial goals,
including saving money regularly and/or paying off debts — 61%
●
Investing in education and skill
development that aligns with my goals — 46%
●
Starting my own business/starting
a “side job” to diversify where my income is coming from — 43%Take care of my
physical and mental health — 39%
●
The survey also revealed the
differences in how Gen Zs and Millennials viewed economic empowerment compared
to other age groups:
○
Gen Zs and Millennials (79% and 84%
respectively) were more aware of their economic empowerment in the past five
years, and a higher majority of them (86% and 89% respectively) are taking
steps to improve their situation
○
Gen Zs and Millennials were more
likely to view starting a side job or their own business as the only way to
become economically empowered
○
Top two reasons making it more
difficult for Gen Zs and Millennials to become economically empowered were
social position and education level
Economic empowerment survey methodology:
This random double-opt-in survey of general
population respondents from Indonesia, Malaysia, Philippines, Taiwan and
Vietnam — was commissioned by Herbalife between Sept. 28 and Oct. 2, 2023. It
was conducted by market research company OnePoll, whose team members are
members of the Market Research Society and have corporate membership to the
American Association for Public Opinion Research (AAPOR) and the European
Society for Opinion and Marketing Research (ESOMAR).
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and
wellness company and community that has been changing people's lives with great
nutrition products and a business opportunity for its independent distributors
since 1980. The Company offers science-backed products to consumers in more
than 90 markets through entrepreneurial distributors who provide one-on-one
coaching and a supportive community that inspires customers to embrace a
healthier, more active lifestyle to live their best life.
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