Silver Economy = Tech gold mine

The nbn network has announced baby boomers are expected to start around 14,000 businesses each year now there is much better access to online resources.

The nbn Silver Economy report demonstrated seniors are surprisingly capable in utilising modern technology to commence new business ventures, doubling those initiated by Gen Y.

67% of baby boomers have earned an income online, with an expected contribution of a huge $11.9 billion towards Australia’s Gross Domestic Product (GDP) per year.

Dr Alex Maritz, Professor of Entrepreneurship at La Trobe University said:

“We’ve traditionally seen hobbies like golfing, gardening and holidaying occupy our retirement but with the digital boom and growing access to fast broadband, many older Australians are now turning online to start passion projects, set up new business ventures or by volunteering.”

“Australians are living a lot longer than we were 30-40 years ago and many retirees are not ready to hang up their working boots. Instead, they are jumping online to explore their passions, give back to society and start new business ventures in the hope of bolstering their retirement earnings and staying active. As the nbn network rollout nears completion, l expect this number will continue to climb as more Aussie seniors become aware of the online resources and opportunities at their disposal.”

Key Findings from the nbn Silver Economy Report:

  • Retirees Are Moving Online: 

    Aussies between 50-65 years old have an average of five connected devices in the home with 33 per cent spending 3-4 hours online per day. 58% of seniors are considering starting a business and 37 per cent saying they would like to give back to the community through volunteering.

  • E-tirement Movement: 

    More than half of retirees (55 per cent) are turning to online tutorials for additional education and inspiration when looking to get their business idea off the ground. Almost two thirds prefer to head online to learn a new skill and 28 per cent would consider studying a formal course online.

  • Money is a Motivator:

    Earning an income is the biggest motivator for seniors looking to set up a new business with Tasmanians leading the charge (83 per cent), followed closely by Queenslanders (77 per cent) and retirees from New South Wales (65 per cent).

  • Optimising business online:

    More than half of seniors claim they would run a predominately online business if they were to start their own company.

To read the complete official report, visit the nbn blog here.

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