The Silver Economy set to ‘Boom’

Aussie seniors net $11.9 billion in retirement ventures

Tech-savvy baby boomers are expected to contribute an additional $11.9 billion to Australia’s Gross Domestic Product (GDP) in retirement ventures each year, according to new research released today.

The nbn™ Silver Economy report reveals increased connectivity and access to online resources powered by retail services over the nbn™ network is helping to redefine the way Australian seniors are spending their retirement. Insights reveal Baby Boomers are expected to start 14,000 new businesses each year, more than double the start-up rate of their Gen Y counterparts.

The report also shows retirees are embracing tech to make the most of their golden years with two thirds (67 per cent) going online to earn an income, more than half (58 per cent) using the internet to pursue passion projects from home and more than a third (37 per cent) going online to connect with their volunteering community.

Dr Alex Maritz, Professor of Entrepreneurship from 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 use their time differently 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 nbn™ Silver Economy report:

• Tech-savvy retirees turning to gadgets over golf: Aussies aged 50-65 years old have an average of five connected devices in the home with 33 per cent admitting to spending 3-4 hours online per day. Seniors are ditching traditional retirement plans with more than half (58 per cent) considering starting a business and more than a third (37 per cent) saying they would like to give back to the community through volunteering.
• E-tirement gets a shake up: Connectivity is enabling Australians to turn their retirement dreams into a reality, as more than half (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 (61 per cent) prefer to head online to learn a new skill and more than a quarter (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 (52 per cent) of seniors claim they would run a predominately online business should they start their own company. The majority agree access to fast broadband would enable them to increase productivity (75 per cent) and allow them to buy and sell online (62 per cent).

The nbn™ network currently is available to almost one in two Australians, is scheduled to be three quarters built by mid-next year and complete by 2020.

Visit the nbn™ blog to read the full nbn™ Silver Economy report and learn more about how connectivity is helping to transform how Australians are spending their retirement.