Bosses over 65 up by 140% in rise of the ‘olderpreneurs’

A GENERATION of ‘olderpreneurs’ are turning their backs on retirement to set up their own businesses, research has found.

Barclays says the number of companies run by bosses aged 65 and over has jumped 140 per cent in the past decade, the biggest rise of any age group.

The number of firms with those aged 55 to 64 also increased by a third, according to the bank.

The findings challenge stereotypes that most start-ups are run by those in their 20s, with older generations increasingly launching business ventures to bolster their pensions.

Barclays business banking chief Ian Rand said: ‘At a time when they could be planning for retirement, the over-55s are utilising their skills by putting their wealth of experience and business knowledge to use.’

The surge in older generations running their own businesses compared with a 23 per cent rise in those aged 25 to 34 and a 15 per cent drop in those aged under 25.

It comes at a time when the Government is considering further increases to the retirement age. The bank released the findings after analysing 1.1million business accounts that were in use at the end of 2016, but did not provide the actual numbers involved.

‘Aging has changed’

Firms run by over-55s contributed more than £7billion to the economy in 2015, Barclays said.

To meet growing demand, the bank has launched training events to offer advice on how to use technology to set up a business and has brought in beauty business boss Liz Earle, 54, as an adviser for start-ups run by mature founders.

The mother- of- five, who founded her company in 1995 and launched a new magazine earlier this year, said: ‘The older generation adds so much value to the workplace, bringing a wealth of experience and industry contacts to the table.

‘It’s great to see them taking the plunge in later life, rather than feeling it’s too late.’

The number of business owners aged 55 and above grew fastest in London, followed by the South East and the North East.

They were most likely to launch businesses in health- care, education and professional services, as well as property and the arts.

One who started a business later in life was Lesley Benson, who quit her job to start her own luxury travel firm, Ski Bespoke, in West Sussex, when she was 54. Now 60, she has no plans to retire from her role.

She said: ‘I think more people of my age own businesses now because the concept of age has totally changed – people don’t retire until their midsixties or even their seventies.

‘If they’re going to be working that long, they want to find something they love.

‘Nothing beats being your own boss.’