More over-50s working for themselves

● Rise sees sector account for almost half of the UK’S self-employed workforce

The number of over-50s working for themselves has increased to almost half of the UK’S entire self-employed workforce, new research suggests.

There

are

now

2.27 million over-50s who are selfemployed, up from 1.45 million a decade ago.

The figures has been tallied as part of a study by Rest Less – a jobs, volunteering and advice site for older people.

Stuart Lewis, founder of Rest Less, said: “Many people in their 50s and 60s can feel left behind and ignored from the workforce due to their age.

“For those who have had to take time out of their careers, perhaps to look after grandchildren or an elderly relative, it can be much harder than it should be to open doors back into the workplace.

“Sadly, with age discrimination still alive and well, we are seeing more and more over-50s finding they have no choice, but to venture into the world of self-employment to make ends meet.”

The analysis also indicated that almost one in five of the entire self-employed workforce is over 60.

The total number of selfemployed has increased from 3.85 million to 4.92 million in the past ten years, the report said.

Patrick Thomson, from the Centre for Ageing Better, said: “Older workers are the fastest growing part of the workforce and this is also true of those in self-employment.

“With a rising state pension age and more of us needing to work for longer to support our longer lives, self-employment can offer opportunities for flexible, fulfilling and rewarding work.

“While many people choose self-employment as a way of offering more flexibility and choice, others might be turning to self-employment due to barriers in the job market like ageism or a lack of opportunities for progression.”

“Official statistics show that 45 per cent of self-employed people aged 35 to 54 have no private pension wealth. It is crucial then that people in this position plan and prepare for how their circumstances might change in later life.”

The analysis also showed that nearly one in five (19 per cent) of the entire selfemployed workforce is over 60.

There has been a 64 per cent spike in the past decade in the number of over-60s who are self-employed, with the number rising from 579,000 in 2009 to 949,000 this year.

Age Scotland director of charity services Michelle Supple said: “Too many older people feel that their skills and experience are not valued in the workplace, which could make self-employment a more attractive option.

“Some employers are missing out by not supporting older workers with career development, health support and flexible working arrangements.

“Supporting an older workforce is great for business, the economy and society, so it’s vital that businesses are well placed to retain their older workers and tap into their talents.”