Young male Londoners are most likely to cash in from the sharing economy – the peer-to-peer (p2p) sharing of access to goods, technology, and services. New research from enterprise software company Intuit Quickbooks shows that more than half of those gaining from the 'gig economy' are male, while 50% fall in the age group of 25-34 years.
Intuit also found that p2p ecommerce website Etsy, controversial taxi firm Uber, and Airbnb are among the most-used sharing platforms. Most people think the Airbnb is the most durable, with its hugely popular room-rental platform.
"We know that serious money is being made through sharing economy services, but we thought it would be really interesting to put a face on those at the heart of it," said Rich Preece, Europe vice president and director at Intuit. "The ability to pick your own hours, earn additional income and often do something they're passionate about is central to those profiting from the sharing economy."
Although many just take home a little extra pocket money by selling home-made earrings on Etsy, one in five sharing Brits earn close to the national average salary of £26,500 by cashing in £500 a week. According to Intuit, 3% make more than £78,000 a year.
Apart from the additional cash, many people participating in the p2p economy like the flexibility. 32% of people surveyed by Intuit said that the sharing economy was beneficial because they get to choose their own working hours. Meanwhile, less than a third said that their regular job gave them more satisfaction.
A previous study by Intuit showed that only 13% of Brits think that they will be working in a traditional employment situation in 2025. More than a quarter of surveyed sharers said they liked the new work-life balance of the sharing economy.
"As more people go self-employed, sell services in their spare time, or alter their working patterns to earn additional income, one of their key challenges will be to ensure that managing the financial and tax aspects of their multiple revenue streams doesn't take away time from actually bringing in money," Preece said.