Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Pre-retirees cash in on sharing ecconomy

The sharing economy is thriving, with services such as Uber and Airbnb enjoying tremendous growth, and it is older Australians who are profiting the most.

The sharing economy – that is businesses that connect buyers and sellers – is rapidly growing and Australians are taking note, according to a recent report.

The RateSetter Sharing Economy Trust Index shows baby boomers are the latest group to cash in on the growing market and are enjoying the largest increase in income earned from the sector in the last six months.

While two in three Australians used the shared economy in the last six months, it was surprisingly pre-retirees who had most recently led the pack, RateSetter CEO Daniel Foggo said.

Advertisement
Advertisement

“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,” Mr Foggo said.

“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.”

Mr Foggo said the sharing economy’s accessibility and convenience are particularly enticing for older Australians.

“The index shows that there are opportunities for new employment for a potentially large group of Australians who are keen to work, but might find it challenging to find traditional jobs,” he said.

The next challenge for the sharing economy in Australia would be to institute a certification system, similar to the one in the UK.

“The shared economy has so much to offer, so any means of rewarding good operators and encouraging more Australians to participate can only be a good thing,” Mr Foggo said. 

Pre-retirees cash in on sharing ecconomy
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Cynic - Do you think this wasn't considered when Mr Morrison took 4 months to set the election date? It is out of our control to deliver this year. Ha!....
Anonymous - Bulldust. This sounds like leftist badmouthing the government as the ASTO has already said that even if the legislation is passed after 1 July 2019 it.......
Anonymous - Happy days are here again for all the aspirational battlers and retirees who will not be ripped off by Labor's Tax grab.....
MelbMan - We dodged a real bullet with Saturday nights Federal election result. ....