Over 18.6 million Brits have secured, or are seeking, an additional source of income as a result of the cost-of-living crisis, as over four in five people have made cuts to their spending.
With inflation at its highest rate in three decades and a new peak expected in April, the research reveals that nearly two thirds of Brits are worried about the impact of this on their finances, higher than when the Coronavirus pandemic hit.
The research by beauty brand Avon suggests that women are particularly impacted, with nearly three quarters saying they have concerns about their finances when prices increase in April, in comparison to 56% of men. As a result of this, nearly two fifths of women are considering, or have already secured, an additional source of salary, which reduces to 31% for men.
For over 45.2 million people, the potential financial implications of the crisis have forced them to cut down on spending. Among the top areas that Brits are reducing their spending are eating out, buying new clothes and holidays. Whilst 19% of Brits will be cancelling subscriptions to streaming or TV services, this increases to nearly a quarter of millennials. Interestingly, there is also a disparity between the cuts women and men are making; over half of women are cutting down on treating themselves, in comparison to 30% of men.
In addition to luxuries, Brits are also reducing their spend on more practical or essential items such as energy use, groceries, travel expenses and buying fuel.
For over 135 years, Avon has been giving women the opportunity to earn and learn, helping them to build financial independence on their own terms. To increase accessibility to this and break down barriers, Avon has revolutionised its Representative earnings model: reducing the threshold to earn from the first sale of any product and increasing earnings potential to up to 32%.
Committed to supporting its Representatives run their own hi-touch, hi-tech beauty businesses built on relationships, Avon continues to invest in digital developments to enhance their businesses online, through its Avon On app and Avon Connect training platform. It has also launched its industry-leading, personalised Avon Rewards programme, with more engagement leading to bigger rewards from custom discounts and special offers, through to money off groceries and even holidays.
Tracey Powers, Head of Sales for Avon UK comments: “It’s understandable there is concern about the financial implications of the cost-of-living crisis, particularly with prices due to rise again in April and as a result, more people are looking for an additional source of income.
“It’s concerning to see our research suggests women are disproportionately affected by this. For the last 135 years we have championed women, giving them the opportunity to earn on their own terms, encouraging financial independence and we pride ourselves on being an accessible beauty brand, without compromising on quality. Whether women are looking to supplement their income or become a full-time beauty entrepreneur, we have introduced an overhaul of our Representative earnings model in order to further break down the barriers to entry for women setting up their own business.”
Avon’s latest research follows on from a previous study it conducted on 9,000 Avon Representatives around the world in Summer 2021 which revealed that 43% of UK Representatives said earning money on their own terms is the most attractive element of running their beauty business. For nearly a quarter of UK women (22%), it has made them more financially independent too, saying they no longer rely on other people for money as much as they used to and nearly a third (29%) have experienced an increase in confidence.
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5.6 million people have secured additional source of income as a result of cost-of-living crisis