More than half of self-employed people are over 50 and some workers see it as the only solution to ‘lack of flexible work options and rampant age discrimination’, study suggests
- The share of self-employed people aged 50 and over has grown year on year
Nearly half of the UK’s self-employed are over 50, new research suggests.
The number of self-employed people aged 50 or older has increased by 18% over the past decade, according to a report from Rest Less, which provides advice to the elderly.
A study of official data found that the share of self-employed people over the age of 50 has grown year on year over the past 10 years.
Stuart Lewis, Managing Director of Rest Less, said: ‘The long-term rise in self-employment among the over-50s is an important trend that reflects the changing attitudes to work and retirement among this generation.
‘As people live longer, they are increasingly looking for ways to stay involved and active in the labor market for longer.
Nearly half of UK self-employed people are over 50, new research suggests (stock image)
Ageism in the workplace means many older workers have no choice but to start their own business (stock image)
‘Self-employment offers older workers a way to use their skills and experience in a flexible and autonomous way while generating an income and maintaining determination.
‘Technology advances mean that setting up a business in your fifties or sixties has never been easier and armed with a rich life experience and a valuable business network behind you, the appeal of building something of your own or pursuing a passion project can have a strong attraction.
‘There is also a sinister side to the increase in the number of self-employed among this age group.
‘Barred from the mainstream workforce due to a lack of flexible work options and rampant age discrimination in the workplace means that many older workers have no choice but to go into business for themselves.
“Clamped between a rock and a hard place with the cost of living rising and the state pension age soon to be raised to 67, self-employment may be the only option for many who have no access to traditional employment.”
