NEW research shows a rise in over-50s running “side hustles” in order to add more money to their pension pots amid Brexit turmoil.
Almost one in five Scots aged 50 and above are now using side businesses, and two-thirds are using them to boost their incomes.
This number rises when looking at UK women over 50, with 33% establishing a side business as family obligations reduce.
With the UK now being hailed the “self-employment capital of Europe”, one in five side hustles are now run by those aged 50 and over.
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The research by ANNA Money highlights the challenges baby boomers now face, from Brexit to the government’s recent announcement of its intention to raise the retirement age to 75 by 2035, many are understandably concerned for their financial future.
The top five roles and projects undertaken by over 50s are: domestic support eg handymen and carers (27%), e-commerce sellers (22%), turning hobbies such as baking into professions (11%), online influencers (11%), and gig economies such as Airbnb hosts and Uber drivers (11%).
Digital-savvy Baby Boomers have rejected traditional jobs in favour of more millennial tech pursuits such as blogging and e-commerce, with increasing numbers entering the digital space. Many are successfully selling a range of crafted, owned and antique goods on Etsy, eBay, Amazon, Gumtree etc.
The growth of the gig economy is also presenting opportunities for seniors – with schemes in place to match older people with spare rooms with young adults looking for affordable accommodation, as an additional income stream.
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Piers Linney, investor in ANNA, said: “There’s a business in everyone so it’s inspiring to see an older generation getting on board, alongside the typical millennial crowd.
“There’s so much opportunity now for a ‘side hustle’ – technology levels the playing field whatever the age”.
Daljit Singh, chief design officer at ANNA, said: “Whether it is insubstantial retirement plans, a passionate hobby or just boredom, our research shows that more over-50s are considering a side-hustle.
“As the gig economy grows, our mothers, fathers, aunts and uncles should be aware that there is an unparalleled opportunity for them to supplement their income.”
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