On the up · 10 December 2015

The small business advent calendar: 10 December Another treat as Christmas creeps closer

december 10

Behind door number ten are some inspiring statistics about the older entrepreneurs making the most of retirement to start new businesses.

Some ten per cent of self-employed people were over 65 years old in 2014 according to the Office for National Statistics (ONS) and the average age of a self-employed worker is 47, making them seven years older than the typical employee.

A recent Global Entrepreneurship Monitor (GEM) UK report revealed that a record number of over 50s were starting their own businesses with over seven per cent engaged in some sort of entrepreneurial activity in 2014.

this is particularly the case for men and one possible interpretation is that older men find it difficult to get back into the labour market, said Mark Hart, one of the academic at Aston Business School who worked on the GEM project.

Additional research by Barclays published in October showed that ageism hindered many over 50s looking for new jobs.

But analysis by Saga in March found that only five per cent of self-employed older people would prefer to be working for someone else. Some 77 per cent of all self-employed respondents to the survey cited the lure of the independence offered by running your own business as the primary reason for their situation.


 
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ABOUT THE EXPERT

Hannah Wilkinson is a reporter for Business Advice. She studied economics and management at Oxford University and prior to joining Business Advice wrote for Kensington and Chelsea Today about business and economics as well as running a tutoring company.

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