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Over 55s turn to eBay to make extra cash

Paloma Kubiak
Written By:
Paloma Kubiak

Increasing numbers of over 55s are turning to auction sites such as eBay to generate extra cash, a survey reveals.

With the high cost of living and low returns on savings, research from challenger bank Aldermore found only one in four 55 to 64-year-olds have more than £200 spare each month, and so 58% are turning to internet websites, such as eBay, to help generate extra cash.

Aldermore said its research proves online selling isn’t just for the younger generation.

The findings suggest the extra money is being used to fund holidays, pay household bills, and put into savings accounts.

Simon Healy, managing director – savings, at Aldermore, said savers haven’t had the best of times in recent months and with the increasing numbers of over 50s starting their own businesses and selling online, it shows the endeavours many Britons are taking to make some extra cash.

“This research reflects that we truly are a nation of bold go-getters, 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.”