A recent study by Rest Less, a leading resource for the over-50s workforce, has unveiled that almost half of self-employed workers in the United Kingdom are aged 50 or older. The report also indicated a significant growth rate with an increase of 18% in the number of people aged 50 and above engaging in self-employment within the last decade.
According to Rest Less's findings, older workers have been increasingly turning to self-employment as it offers them flexibility and autonomy while enabling them to utilize their skills and experience effectively. This shift towards entrepreneurship empowers these individuals financially while maintaining their sense of purpose as they continue contributing positively to society.
Stuart Lewis, Founder at Rest Less said: "Our research highlights how valuable our growing population is when it comes to building businesses from scratch - whether this be through setting up new companies or working on existing ones."
The imminent extension of state pension age from its current limit up until age 67 further necessitates many older professionals' move into autonomous work roles since traditional employment options may not always accommodate their specific needs.
"Older workers find themselves between a rock and hard place where they need income but face barriers such as age discrimination or inflexible working hours," explained Mr. Lewis. He added that these challenges lead more mature professionals towards seeking opportunities which allow greater control over career progression along with financial stability provided by generating revenue independently.
As per data collected during this study, London leads among regions with substantial numbers (28%) accounting for those who embarked upon entrepreneurial journeys after reaching middle-age milestones followed closely by South East England (24%). In contrast areas like North West England reported notably lower percentages around only approximately one-sixth (16%).
Mandy Stinton-Brownfield*, Owner at Ageless Experts Solutions Ltd., shared her personal experience stating: "After struggling for years to find a suitable role in the traditional job market, I decided to start my own business at 55. It's given me the chance to use my skills and experience while still having control over how much work I take on and when."
The Rest Less report serves as an eye-opener for policymakers, employers and educators alike who must work collectively towards creating inclusive environments that not only acknowledge but also nurture older workers' capabilities.
"We need more flexible working opportunities across all age groups," concluded Mr. Lewis. "This will help ensure everyone can continue contributing meaningfully throughout their lives irrespective of their age group or personal circumstances."
*Name changed upon request