Making some extra cash from home is already a big boost for the finances of one in seven over 50s, according to a new survey.
Although the coronavirus lockdown will impact business for many small traders, there are still ways to earn money from home or to ready stock for when the crisis passes.
The most popular option is selling items online, through sites like eBay and Facebook, which 40% of over 50s working from home already regularly do.
Getting paid for completing online surveys is also popular with another 40% of the over 50s, research by financial firm SunLife found.
Other ways the over 50s make money at home include crafting – such as knitting and art – marking exam papers and tutoring, product testing , entering competitions and playing online games and writing.
Ian Atkinson, marketing director at SunLife said: “Our Finances After 50 report reveals that almost one in five people over 50 are finding clever ways to boost their income from home, from selling things, marking exam papers and tutoring, to online competitions and using their skills to make crafts!
“Our research shows that there are plenty of things that over 50s can do to boost their finances, and many can be done without leaving home.”
The report also reveals two out of three over 50s are happy with their lot, with the over 70s the happiest of all.
The firm’s happiness index is based on how satisfied people are with their life, how good they feel and confidence about life in the next five years.
Coronavirus hits happiness
The coronavirus crisis could impact happiness for many, though.
The current lockdown will affect their number one happiness factor – doing things with the family. This is closely followed by interacting with friends and not worrying about money and paying bills.
The survey found the more disposable cash people have, the happier they are, while the happiest 10% have £615 a month disposable cash to spend how they like.
“It’s not how much money you have, but how you save and spend it that has the biggest impact on our happiness,” says the report.