Cash-making hobbies 'beat crunch'

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Around 64% of people have taken on extra work, sold their possessions or turned their hobby, such as guitar-playing, into a cash-generating venture, according to American Express Platinum.

The average person manages to generate an extra £876 a year from these activities, with 4% of people raising more than £200 a month and 1% bringing in at least an extra £600 a month.

Eight out of 10 people are making extra cash by filling in online marketing surveys, while 72% are selling their possessions on internet auction sites and one in 20 are writing blogs that generate them advertising revenue.

Others are earning money by playing in a band, growing fruit and vegetables to sell at local markets and making clothing or jewellery to sell.

According to the survey which questioned 1,048 people during September teaching things ranging from music and photography to yoga and foreign languages was also a popular way of making the extra cash.

Tom Allder, vice president of UK lending at American Express, said: "The trend for raising extra income amongst members of the public has really taken off since the onset of the credit crunch.

"The amount of money that these individuals are earning from what would at one time have been considered hobbies is astounding."

https://www.iplatinum.americanexpress.com/prospect/uk/FrontServlet?request_type=PlatinumHome(American Express Platinum)