Finance: Expert discusses impact of inflation on a savings account
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Research carried out by insurance firm SunLife found that an increasing number of those over 50 are becoming more entrepreneurial in their lives and are supplementing their income by working an extra job on the side.
The ‘Finances after 50’ 2021 report, commissioned by SunLife, asked 3,000 adults aged over 50 across the country about their savings and investment habits.
Some one in seven (14 percent) are getting extra cash on top of their pension to “financially prepare” for their later years.
On the basis of this figure, this equates to around 3.5million people over 50 years old living in the UK.
Furthermore, the report found that more people in this age bracket are resorting to sell and buy goods, participate in research, rent their properties and get a second job as part of their “side hustle”.
Contrary to popular opinion, the ‘Finances after 50’ study confirmed that Britons over 50 were “internet savvy” when it comes to working on the side, with many choosing to operate their businesses or services online.
However, the report did find that the reason many people have taken on a side job as of late is due to lack of savings.
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Around a sixth of people over 50 polled by Sunlife have less than £100 (16 percent) in their own savings.
On top of this, only one in eight (12 percent), who are in some form of employment, are confident they have enough in their savings, pensions and investments to fund life after they retire.
For Ian Atkinson, SunLife’s Marketing Director, taking on a “side hustle” is a smart move to make when planning for retirement.
“Our research shows that people over 50 are very entrepreneurial when it comes to supplementing their income – exploring different options such as buying and selling online or letting out property,” he explained.
“Having a side hustle can be a useful way to boost savings and help you top up your retirement pot to tick off everything on your bucket list when it comes to later life.”
Alongside its research, SunLife outlined the success stories many people have had when taking on side hustles, including entrepreneur Mina Khan.
After a 25-year career as a pharmacist, Ms Khan launched her own company, Formulate Health, during the Covid pandemic.
Her business assists people in learning about the benefits of natural herbs and spices, which began as a passion of hers.
Ms Khan said: “As a mother in my 50s, I’ve come across so many different health conditions over the years.
“From cancer, the menopause, diabetes, heart conditions and more, it’s amazing to see the results natural remedies can have on alleviating symptoms – it’s this that gave me the inspiration and motivation to pursue a new career.
“I would encourage anyone who is passionate about a hobby to try and pursue it as a job path. Being your own boss is daunting, but so satisfying at the same time.
“If you believe in something and are dedicated you can make it work, no matter what age you are.”
Another “side hustle” success story is Carrieanne Bishop from Bridgnorth, who turned her love for cake decorating into a business back in 2017.
Having spent her professional career working with the Army Catering Corps, Ms Bishop’s company The Cake Room is helping her fund her retirement dreams.
“I thought if I don’t try and launch my own business now, I’m going to get to 70 or 75 and think, why didn’t I do that?” she said.
“The best thing about getting older is that it doesn’t really matter what people think of you.”
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