The number of self-employed people aged over 60 has hit a record high of almost one million, research suggests.
The total number of self-employed workers is around 4.3 million, according to a study by Rest Less, a digital community for people over 50.
While the number of self-employed workers aged 50 and over has grown since 2021, it is specifically those aged 60 and over who have set a new record.
In 2023, there were 991,432 self-employed workers aged 60 or over, an increase of 33% in a decade.
While the number of self-employed workers aged 50 and over has grown since 2021, it is specifically those aged 60 who have set a new record (file image)
According to the report, some 223,086 self-employed people were over 70 years old (file photo).
This means that those aged over 60 make up 23 per cent of the UK’s self-employed workforce, while those aged over 50 make up 49 per cent.
Of the self-employed, some 223,086 people were over 70 years old, the report added.
Stuart Lewis, chief executive of Rest Less, said: ‘With the state pension age soon to be 67 and set to rise further, many people are choosing to work beyond the traditional retirement point.
‘For many, self-employment is a great option as it allows people to remain active and engaged in the community and workforce, while providing greater flexibility, leveraging their skills, experience and network to make an impact.
‘The decision to become self-employed can be motivated by very different circumstances, from people who live comfortably and pursue an entrepreneurial passion to those who are forced to generate an income and have not been able to find a permanent solution in the conventional workforce.
‘The cost of living crisis of recent years has made it particularly challenging for those who rely solely on their state pension and we have seen an increase in the number of people turning to self-employment to provide an additional source of income and supplement their pensions while they still can.’
