The new technology that allows you to grow your income and become an entrepreneur
<p><span style="font-weight: 400;">The cost of living is continuing to rise in Australia, but retirees’ don’t have the income to match it.</span></p>
<p><span style="font-weight: 400;">Naturally, they’re turning to a new and fresh source of income. </span></p>
<p><span style="font-weight: 400;">Seniors are increasingly renting out spare rooms, opening their doors to travellers and letting them into their homes to increase their finances and beat loneliness.</span></p>
<p><span style="font-weight: 400;">Australians aged over 60 are flocking to sites such as Airbnb and HomeAway to list their properties as the cost of living has a sharp bite.</span></p>
<p><span style="font-weight: 400;">On Airbnb, seniors are the fastest growing host demographic in Australia, raking in $158 million in 2017, new figures from Airbnb revealed.</span></p>
<p><span style="font-weight: 400;">Seniors group COTA Australia’s chief executive Ian Yates have said that older people are embracing modern platforms to supplement their pension or superannuation.</span></p>
<p><span style="font-weight: 400;">“It’s an obvious way for people who have the room to generate a bit of extra income, depending on where they live of course,” he told </span><a href="https://www.news.com.au/finance/money/room-to-grow-seniors-incomes-as-retirees-become-entrepreneurs/news-story/1477d2497a7a5844151aed2c47de5a89"><span style="font-weight: 400;">news.com.au</span></a><span style="font-weight: 400;">.</span></p>
<p><span style="font-weight: 400;">“For the majority, the motivation is income based, but some also do it for the interaction with other people, meeting people from overseas and interstate.”</span></p>
<p><span style="font-weight: 400;">Airbnb Australia country manager Sam McDonagh agrees.</span></p>
<p><span style="font-weight: 400;">“Seniors are turning their empty nests into income engines allowing them to supplement their income and stretch savings further,” McDonagh explained.</span></p>
<p><span style="font-weight: 400;">However, the Insurance Council of Australia warned against relying on the host protection insurance offered from the different platforms, as there are gaps in the coverage.</span></p>
<p><span style="font-weight: 400;">Spokeswoman Lisa Kable explained that most do not cover loss or theft of personal items, cash, pets and public liability in shared areas.</span></p>
<p><span style="font-weight: 400;">“Householders who offer their houses or apartments on short-term holiday rental websites are likely to find they are not protected by home and contents insurance,” Kable said.</span></p>
<p><span style="font-weight: 400;">“I have heard frightening stories of homeowners returning after short-stay guests have departed to find a completely empty house or that their home has been used for illegal activities.”</span></p>
<p><span style="font-weight: 400;">Do you use Airbnb or HomeAway to rent out your spare room? Let us know in the comments.</span></p>
