POLL | Have you taken up a side hustles to make ends meet?

More middle-class South Africans are turning to side hustles to try make ends meet, a recent study has found.

BrandMapp’s 2021 research report released this week revealed 35% of middle-class South Africans polled had more than one income stream and no longer relied entirely on a single salary.

“In 2019, 63% of people said they had no sources of revenue other than their main job. Last year, as we entered the lockdown, it was 59%, and a year later that dropped to 54%.

“If you look at the people reporting they now have their own small business, are involved in other economic activities, have a home industry or a second job that’s different from their main work, we find 35% of middle-class South Africans are today’s real 'slashers'. Middle-income earners are increasingly working multiple jobs to make ends meet, no longer able to rely on just their salary,” said BrandMapp director of storytelling Brandon de Kock.

De Kock said when asked if they feel financially better or worse off than they were two years ago, it seemed the younger you are, the more cheerful.

“After all, going from a university allowance into your first pay cheque feels like winning the lottery. Sadly though, as you get older, the shine starts to rub off and for the silent generation, effectively the retired segment, we see almost half are feeling worse off and only 20% better off.”

The trend was also documented in the latest annual Old Mutual Savings and Investment Monitor research report, which revealed about 65% of respondents were prioritising how they managed their money.

What strategies are people adopting to save?

A total of 50% (up 10% from 2020) of households were focusing on paying off debts and 37% were stashing cash away in an emergency fund — up from 33% in 2020.

The research showed:

• 39% of respondents switched to cheaper supermarket brands;
• 25% shifted to cheaper cellphone and data options; and
• about 31% had replaced gym subscriptions with working out at home.

Also revealed was that 18% moved in with family and 16% had family members move in with them to reduce living expenses.

“There is no doubt consumers are having to take a much closer look at the way they manage their money and many are having to adapt their lifestyles to survive,” said Lynette Nicholson, head of research at Old Mutual.