Younger Americans are more likely to feel “economically empowered” than older Americans, according to new, international research.
When looking at the 2,000 Americans surveyed, data revealed Gen Z and millennials were the most likely to currently feel economically empowered (66% and 70%, respectively).
This was compared to 51% of Gen X and 52% of American baby boomers.
A comparable trend was observed among the 5,000 international respondents from Brazil, Vietnam, Taiwan, Indonesia, Malaysia and the Philippines, who participated in the survey.
Globally, millennials were the generation most likely to feel economically empowered (69%) — while baby boomers were the least (56%).
Commissioned by Herbalife and conducted by OnePoll for Financial Wellness Month, 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.
Almost a fifth of the global respondents (18%) don’t currently feel economically empowered — with the top reason being a lack of resources to invest in their ideas (16%); followed by not having the right skills for growth in their job (or getting the career they want) (16%), and having limited access to credit, money or other financial services (13%).
Economic empowerment varies by country, according to the findings: 75% of Americans surveyed believe it’s easier to become economically empowered where they live, compared to 53% of all respondents.
That’s not the only thing: about a fifth of respondents globally said their age (21%), social position (18%) and education level (18%) are also holding them back from becoming more economically empowered.
“These findings shed new light on previous misconceptions about the generational confidence in personal economic empowerment, which has been exacerbated by recent challenges, including inflation, business closures and a tougher lending environment,” said Ibi Montesino, Herbalife’s executive vice president and chief of staff responsible for distributor and customer experience.
Globally, 81% of respondents said the past five years have made them more aware of their economic situation.
Of those, 82% are currently taking steps to feel economically empowered — that’s compared to 69% of Americans surveyed.
For those globally who are taking steps to become more empowered, 20% are educating themself about personal finance, budgeting, investing and managing debt.
Respondents are also setting clear financial goals (18%); investing in education and skill development (14%); and working to start their own business or a “side job” (11%).
Additionally, 72% of respondents surveyed said that starting their own business or partaking in freelance work feels like the only way to become economically empowered.
“As we work to strengthen our economies, providing solutions toward economic empowerment is critical,” said Montesino. “There are a number of opportunities available for individuals looking to achieve economic empowerment by starting their own network marketing business which can offer training, resources and support as you work to reach your goals.”
WHAT’S HOLDING RESPONDENTS BACK FROM BEING ECONOMICALLY EMPOWERED?
I don’t have the resources I need to invest in my ideas — 16%
I don’t have the right skills for growth in my job/to get the career I want — 16%
Limited access to credit, money or other financial services — 13%
Lack of opportunities for education/additional education — 11%
The current political situation in my country — 10%
WHAT ARE RESPONDENTS DOING TO BE MORE ECONOMICALLY EMPOWERED?
Educating myself about personal finance, budgeting, investing, managing debt, etc. — 20%
Setting clear financial goals, including saving money regularly and/or paying off debts — 18%
Investing in education and skill development that aligns with my goals — 14%
Starting my own business/starting a “side job” to diversify where my income is coming from — 11%
Working to build a strong personal and/or professional network — 11%
Survey methodology:
This random double-opt-in survey of 7,000 general population respondents — from the US, Brazil, Vietnam, Taiwan, Indonesia, Malaysia and the Philippines — 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).
