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.
“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.