MORE Filipinos are engaging in side hustles to manage their financial needs, market research firm Kantar said citing the results of its latest study.
According to Kantar, seven out of 10 Filipinos are able to find ways to manage their family’s needs and many of them are hustling to do so.
“This is based on the annual Shopperscope study of Kantar, wherein 2,000 households from across the Philippines were interviewed to share their point of view about their current financial disposition and personal economic outlook,” Kantar said.
The study showed that this year, 73 percent of Filipinos said they are managing their resources to make both ends meet but that may entail some extra work.
“Despite the challenges, Filipinos who are managing are looking for means to extend their resources. Our Shopperscope respondents who classify as managing reveal that they are adding an extra job on top of a regular one or are starting a business to augment their primary source of income. We’ve observed that this behavior has resulted to a ‘hustle culture’ among Filipinos, as they try to earn more but at the expense of time for chores, personal interests, and other activities,” said Laurice Obana, Consumer and Shopper Insight Director at the Worldpanel Division of Kantar Philippines.
STRUGGLE IS REAL
The Shopperscope study, which was done from February 2024 to April 2024, also showed that 19 percent of local households describe themselves as struggling to keep afloat due to job cuts or less working hours that affect their take-home pay.
Meanwhile, the remaining 8 percent of respondents feel a sense of comfort with their current economic situation.
Filipinos also remain positive and resilient in spite of the economic headwinds they face, Kantar said. Forty one percent of those surveyed believe things will improve, while 52 percent expect their financial status to remain the same. Only 7 percent think that things will worsen in the months to come. (ABS-CBN News)
