Research by SunLife found that 17% of over 50s make money outside of work. Common ways of doing so include selling items on eBay, renting property, and completing online surveys.
Less common ways respondents made money involve creating YouTube videos, dog sitting, and making stained glass windows.
The survey found those in Wales were more likely to make cash on the side than anywhere else in the UK.
Over 50s with larger salaries also tended to earn more cash outside of their work. The insurer found 23% of people with a salary between £40,000 and £49,999 earned money on the side, compared to just 12% of those who earn under £10,000.
More internet-savvy consumers were also more likely to earn extra money. A fifth of people who use the internet for more than 15 hours a week were able to make a profit from their spare time, versus just 10% of people who are online irregularly.
Ian Atkinson, marketing director at SunLife, says: “The most common way people are earning extra cash is by selling things and renting out property, but other ways include private tutoring, working for the elections office, delivering leaflets, exam marking and invigilation, freelance writing, selling cakes and other handmade items, dog walking and sitting and taxi driving. One 63-year-old man said he is a life model for art classes, while another man in his 60s earns extra cash as a beekeeper!”
For more top tips on making money in your spare time, check out the following Moneywise articles:
- 20 ways to make money in your spare time
- Easy ways to earn an extra £1,000 a year
- Make money from your sofa
- How to make money from social media
- Six ways to cash in on your commute