We consider random iterated function systems which consist of strictly increasing and (not necessarily strictly) convex functions on a compact interval or on a half line. We assume that the system is contracting on average in a sense which is wide enough to permit the existence of a common fixpoint at which some functions of the system are expanding and perhaps none of them are contracting (see Fig. 1). We prove that the Hausdorff dimension of any of the possibly uncountably many invariant measures is smaller than or equal to the accumulated entropy divided by the Liapunov exponent.