Self-employed people over 60 hits record high
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Posted: Thu 29th Aug 2024
The number of self-employed individuals aged 60 and older reached a record 991,432 in 2023, new research has revealed.
According to analysis of Office of National Statistics data by digital community Rest Less, the total self-employed workforce reached 4.37m in 2023, following two years of consecutive growth since its nadir in 2021.
Whilst the number of self-employed workers over 50 and older has grown since 2021, the report found that it is specifically those in their 60s which have set a new record high.
Stuart Lewis, chief executive of Rest Less, said:
"With the state pension age soon to be 67 and set to go higher still, many people are choosing to work beyond the point of traditional retirement.
"For many, self-employment is a great option as it allows people to remain active and engaged in the community and workforce whilst also providing greater flexibility - leveraging their skills, experience and network to make an impact.
"The decision to go self-employed can be driven by wildly different sets of circumstances from people living comfortably and pursuing an entrepreneurial passion to those who are forced to generate an income and have not been able to find a permanent solution in the mainstream workforce.
"The cost of living crisis of recent years has made it particularly challenging for those relying solely on their state pension and we've seen an increase in the number of people turning to self-employment to provide an additional income source and top up pensions whilst they still can."
Start-up and self-employment support for the over 50s
Enterprise Nation has urged the government to support the over 50s to start their own business or move into employment including calling on the Department for Work and Pensions to review the self-employment targets for the Restart programme so the focus is rebalanced from finding people jobs to supporting people to create their own.
Many more are 'unretiring', retraining and launching their own business. According to Enterprise Nation's 2022 quarter four Small Business Barometer, around a third (35%) of small businesses are new started by people in their late 40s onwards.
We say that the government should consider working with the private sector and established groups in the mature employment sector to form a consortium to support entrepreneurs and attract this talent back into small and large businesses alike.
Relevant Enterprise Nation resources
How to start a business aged over 50
Refreshing careers for older workers
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