- Research shows the over 55s are finding it increasingly difficult to make ends meet with just over a fifth (22%) saying they need to generate extra income due to high living costs.
- The extra cash generated is used to pay bills, go on holiday and reinvested into savings accounts for day to day living.
- Over half (56%) generate an extra income from selling on internet websites.
New research from Aldermore, the specialist lender and savings bank, found an increasing number of new businesses are being started by the over 50s. With returns from savings low and cost of living rising, finding ways to supplement income elsewhere has become a necessity for many over 55s.
With only one in four (24%) 55-64 year olds having more than £200 spare each month, 58% are turning to internet websites to help build their surplus of extra cash, proving online selling isn’t just something done by 18-24 year olds (73%) and 25-34 year olds (76%).
The research also provides insight into where the extra income generated was spent, with more than a quarter of Britons surveyed (27%) spending it on holidays, 24% on household bills and another fifth (22%) stating that despite low rates they felt it important to put money back into a savings account.
With many people looking at entrepreneurial ways at building surplus income, we asked respondents who inspired them. One third (33%) said J.K. Rowling, 32% said Sir Richard Branson and just over a fifth (26%) said Lord Alan Sugar.
Commenting on the figures, Simon Healy, Managing Director - Savings, at Aldermore, said:
“Savers haven’t had the best of times in recent months and our research shows the endeavours many Britons are taking to make some extra cash. This research reflects how enterprising we are as a nation, with so many people leveraging the constantly moving technologies to set up their own business or to sell products on the likes of eBay. That same technology is making it easier than ever for customers to find the best savings accounts and I would encourage even more people to develop or maintain a savings habit, to shop around. In the event of an unexpected bill, then having a savings buffer can go a long way to preventing you from going into debt or feeling worse off.”
Countdown host and former Apprentice star Nick Hewer added:
“Over 55’s have definitely had a difficult time of late, with savings rates staying low and retirement fast approaching for many, it’s no wonder the public is seeing the rise of the Oldtrepreneur, as the research shows. For most, looking to source a way of making ends meet is a necessary part of why many are turning to the internet etc. to generate extra income.
“Entrepreneurs play a vital role in the UK economy and having met so many during my time working with Lord Sugar; it’s interesting to see the various ways a fifth of the UK’s population are not only finding ways to secure extra income but what they are actually using it for, luxury items coming out lower than expected.”
For further information, journalists can contact:
Rachael Snelling, Aldermore
Phone: 0208 1853 102
Adam Taylor, Cicero Group
Phone: 0207 297 5971
Notes to Editors:
The research was carried out online by RWB between 25th November 2016 and 27th November 2016. The sample comprised 1,035 UK adults who have generated extra income besides their regular salary. All research conducted adheres to the UK Market Research Society (MRS) code of conduct (2014). RWB is registered with the Information Commissioner’s Office and complies with the DPA (1998).
For further information about Aldermore, please review our Notes to Editors page.
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