RateSetter Sharing Economy Trust Index 2016
Baby boomers are leaping on the sharing economy bandwagon and taking advantage of new opportunities to boost their wealth and pre-retirement income, according to the latest RateSetter Sharing Economy Trust Index.
The latest RateSetter Sharing Economy Trust Index (RSETI) has just been released. It includes some fascinating statistics about how Australian’s are embracing the sharing economy, including how baby boomers and pre-retirees are now also leaping on the sharing economy bandwagon and taking advantage of new opportunities to boost their wealth.
Results from the survey showed that nearly two-thirds of all Australians used the sharing economy in the past six months and that perhaps surprisingly, pre-retirees showed the most significant increase in sharing economy participation to generate income and invest funds.
Our CEO, Daniel Foggo noted:
Markets are volatile and interest rates are at all time lows. 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. That’s where the sharing economy, with its flexible ways of earning and investing, really fits the bill in terms of supplementing their income.
Other key insights from the Winter 2016 survey
- Over 60% of Australians used a sharing economy service within the previous 6 months
- Over 68% of Australians intend to use a sharing economy service in the near future, an increase of 27 percentage points compared with six months ago
- Online Marketplaces for goods remain the most popular sharing economy service, with 53% of respondents having used such a service within the previous 6 months. However, a number of services have significantly increased in usage over the same period, with 16% of Australians now using Ride Sharing and 14% using Accommodation Sharing
- Newer sharing economy services Peer-to-Peer Lending and Online Outsourcing have the highest discrepancy between current use and expected future use, showing they are well poised for growth
- About a third (34%) of Australians spend at least $50 a month on sharing economy services, with millennials (25-34) spending the most, averaging $120 each month
- 21% of respondents earn at least $50 per month through sharing economy services
- Factors affecting Australians’ current trust in sharing economy services remain largely unchanged compared to 6 months ago, with the most common factor affecting trust being a lack of understanding of how such services work (49%), though this is down 2% compared to 6 months ago
The key findings of the first RateSetter Sharing Economy Trust Index survey, undertaken in Summer 2015 can be found here.
This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.