Growing number of over-65s starting a business
The older generation adds so much value to the workplace. Liz Earle, entrepreneurial business adviser for Barclays
THE NUMBER of business owners aged 65 and over in the last decade increased 140 per cent, according to data from Barclays Business.
The bank’s data shows over65s to be the fastest-growing age group when it comes to entrepreneurship.
Over the same ten-year period, businesses run by those aged 2534 grew by a much more modest 23 per cent.
The data suggests that entrepreneurial spirit increases with age. Entrepreneurs over the age of 55 grew by 63 per cent between 2006 and 2016.
Liz Earle, co-founder of Liz Earle Beauty Co, which is now owned by Walgreens Boots Alliance, has been appointed by Barclays as an entrepreneurial business adviser.
The bank has asked Ms Earle to advise how better to support its ‘olderpreneur’ customers.
Ms Earle said: “The older generation adds so much value to the workplace in any context – bringing a wealth of experience and industry contacts to the table. I’m not surprised to see so many budding entrepreneurs of my generation, but it’s great to see them taking the plunge in later life, rather than feeling it’s too late.”
Ian Rand, CEO of Barclays Business Banking, said: “It is fascinating to see this new emerging trend of older entrepreneurs.
“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, breaking down stereotypes in the process.”
The region with the fastest growing number of business owners aged over 55 was London with 89 per cent. Yorkshire had 52 per cent growth of business owners over the age of 55 between 2006 and 2016. The sector with the highest growth of company owners aged 55 plus was health.