Older and wiser.. and now richer

THE Silver SelfEmployed are cashing in on the selfemployment boom, earning the most and working fewer hours. New figures reveal the over-65s earn £40,000 working an average 21 hours a week, compared with the average £33,000 selfemployed salary for 28 hours’ work.

Research of more than 5000 self-employed workers, by online accounting software firm Intuit QuickBooks, found almost 75 per cent of over-65s are either the same or better off financially working for themselves than when they were in full-time employment.

And two-thirds say their life satisfaction is better and similar numbers enjoy the benefit of working on their own terms.

Dominic Allon, vice-president and managing director of Intuit Europe, said: “Self-employment is often associated with millennials or teenagers writing code in their bedrooms. But the Definitive Study of the Selfemployed aims to challenge our assumptions.

“With bigger savings pools and a lifetime of acquiring skills, combined with economic factors such as the state pension age increase, Silver Self-Employed workers are fast becoming an economic force in the UK.”

There are some challenges for the self-employed. Two-fifths worry about not having enough predictable income and a third found managing areas such as accounting, expenses, taxes, audits and compliance an issue.

But there are more opportunities than ever to benefit from the financial and lifestyle rewards for those who take the brave step.