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Are you benefiting from the sharing economy?

Are you benefiting from the sharing economy?

If you are unaware of what the sharing economy is, this blog will give you a heads up of what this modern part of the economy is with examples, showing how it could save you time, money and effort!

The sharing economy has become a big market in last 5 years, it allows you to borrow or rent assets which you require, from somebody who already owns them. This is done using sharing platforms, to solve many everyday problems. This can be from sharing garden tools with people on your street to burrowing other people’s drives to park your car! The great thing about the sharing economy is it usually provides the asset at a lower than market value. So, what’s not to love?

You can look at the sharing economy from two perspectives. 1.) A potential source of income or 2.) a method for saving some pennies. These two reasons sum up why people have become so involved in the sharing economy, some even use it as a profession! Below we have chosen some examples from sharing economy which you should definitely be aware of!

Air BnB – One of the flagship sharing platforms, which is a hassle-free method of short term hospitality rentals. This can be from someone’s spare room, to an entire apartment to an entire house! You choose! Booking a room in a hotel for a weekend away can always end up more expensive than you thought, Airbnb provides a lower priced alternative to the regular hotel or hostel stay!

*https://www.airbnb.co.uk/

Streetbank – Unlike Airbnb there is no cost associated with Streetbank, so there is no private benefit from people using the service, its sharing is focussed around three areas:

1.  To give things away – find a grateful neighbour for stuff you no longer need

2.  To share things – like ladders and drills, that go unused much of the time

3.  To share skills – like DIY, languages and gardening, that neighbours might need help with

As these three areas show, Streetbank is really about creating a community rather than creating any financial gain. All in all, a great service to involve yourself in.

https://www.streetbank.com/splash?locale=en-GB

BlaBla Car –  A ride sharing platform that allows drivers with spare seats to share the space with other users who are looking for a ride to the same destination or on the same route. With respectfully sharing the fuel prices this can be a much cheaper and hassle-free alternative to travelling, especially with recent strikes in the world of public transport!

https://www.blablacar.co.uk/

Whether these examples are useful for you or not, it’s definitely worth while having a look around the sharing economy to see if there are any platforms out there than can benefit you, it’s a constantly growing economy so keep your eyes out and don’t be afraid to get involved, you may even be able to think of the next great sharing platform!

*Please be aware that by clicking on to the above links you are accessing external websites. Please note that Lemonade LLP is not responsible for the accuracy of the information contained within the linked sites accessible from this page. Financial Conduct Authority does not regulate sharing economy transactions

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