Baby boomers turn to Internet for cash

LONDON: The Internet is acting as a financial lifeline to the over-45s, a report says.   

Birmingham Midshires found that the baby boom generation is turning to the Web to make ends meet.   

An estimated one million baby boomers are struggling to find work because of their age, and one in 10 over-45s is now self-employed and relying on the Internet to grow their businesses.   

Seven per cent said they are solely reliant on the Internet to make money and form business relationships and at least 40 percent said the net is important to their business.   

That could see Britain follow the trend in the United States, where 25 percent of small businesses are entirely online.

Jason Robinson, director of savings at Birmingham Midshires, said, "The Internet has gone some way to help people overcome the age barrier in employment that many face as they get older."

Birmingham Midshires has long seen an increasing number of older people managing their finances online and it seems that this extends to making money as well as saving it.

Almost two-thirds of the over-45s surveyed said they have traded on eBay at least once to make extra cash.   

Some 14.5 percent of the over-45s claim 'Interpreneur' status, people who use the Internet for earning extra money aside from their day job.

A sample of 1,000 people aged 45-65 were surveyed.