Over 50’s turning to ‘side hustles’

Twenty per cent of those involved in ‘side hustles’ are over 50, with nearly a quarter doing so because of concerns about their retirement income.

Self employed older worker

 

A fifth of those supplementing their wages with a ‘side hustle’ are over 50, according to a new survey.

The representative survey of 2,000 over 50s by mobile business account ANNA Money shows almost half (48%) of over 50’s are doing some work on the side of their full-time jobs to boost their household income and top up their pensions.

Seventy per cent say they run a side hustle to generate more income and 24% admitted that they can’t afford to comfortably retire.

The top five over-50 ‘side hustles’ are:

1)      E-commerce seller – Etsy, EBay or similar (27%). This includes selling a range of crafted, owned and antique goods on Etsy, eBay, Amazon, Gumtree etc.

2)    Domestic support – Carer, Handyman, Cleaner (22%)

3)    Turning a hobby into a profession – Baker, Chef, Photographer, Artist (21%)

4)    Consultant – Accountant, Life Coach, Personal Trainer (13%)

5)    Gig Economy – Uber Driver, Air Bnb host (11%)

Three per cent said their side hustle involved ‘blogging or YouTubing’.

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. Turning passions into profits is ANNA’s bread and butter – and our aim is to take on the boring admin tasks that may be holding people back from following their side hustle dreams.”

ANNA Money (Absolutely No-Nonsense Admin) is a business current account and digital admin assistant. Ideal for small business owners, side hustlers and freelancers, their features include creating sales, purchase invoices for customers, and politely chasing up payments due from sales invoices.



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