Baby boomers plump up nest eggs with sharing economy income
Baby boomers are the fastest growing earners by demographic in the sharing economy, however Millennials still reign, research conducted by a peer-to-peer lender has shown.
“Markets are volatile and interest rates are at all time lows. Many boomers and pre-retirees are feeling the pinch of lower returns and yields – and they are struggling to make their retirement dreams a reality,” said CEO of RateSetter, Daniel Foggo.
“That’s where the sharing economy, with its many flexible ways of earning and investing really fits the bill in terms of supplementing their income.”
As shown in the graph below, young people up to the age of 34 earn an average $121 each month through sharing activities, while baby boomers make around $115. Compared to November last year, this is a steep jump of 121% for the older age group.
Source: RateSetter
“The beauty of the sharing economy is that everyone, young and old, can participate in a way which suits them,” Foggo said.
According to the RateSetter survey of over 1,000 Australians on sharing habits, 68% want to take part in the disruptive economy soon.
Right now, baby boomers are making extra money in the sharing economy by...
- Selling things online
- Renting out spare rooms
- Driving people around
- Investing in peer-to-peer lending
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