London (Parliament Politics Magazine) – The number of people aged 60 and older who are self-employed has reached a record of nearly 1 million in the UK, research indicates.
What’s Driving the Rise in Self-Employment Among UK’s Over-60s?
This denotes an addition of more than a third (33%) in the past decade, to reach 991,432 self-employed people aged 60 or over in 2023, according to an analysis by Rest Less, which presents advice to older people. The analysis discovered that while the number of self-employed employees in their 50s and older has increased since 2021, it is those in their 60s who have formed the new high.
Why Are More Older Britons Opting for Self-Employment?
Stuart Lewis, the chief executive of Rest Less, stated: “With the state pension age soon to be 67 and set to go higher still, many people are choosing to work beyond the point of traditional retirement. “For many, self-employment is a great option as it allows people to remain active and engaged in the community and workforce whilst also providing greater flexibility – leveraging their skills, experience and network to make an impact.”
How Is the Cost of Living Crisis Impacting Self-Employment Among the UK’s Elderly?
He stated that behind the numbers were “wildly different sets of circumstances”, from people living comfortably and seeking an entrepreneurial passion to those who were compelled to generate revenue and unable to secure a full-time job. “The cost of living crisis of recent years has made it particularly challenging for those relying solely on their state pension and we’ve seen an increase in the number of people turning to self-employment to provide an additional income source and top up pensions whilst they still can,” he added.
The total number of self-employed employees is roughly 4.3 million, after a two-year recovery following a shortfall during the pandemic, according to the research, which pulls on a bespoke Office for National Statistics information on self-employment based on annual population stats data between 2011 and 2023. In 2023, 23% of the UK’s self-employed crew were aged 60 or over and 49% were aged 50-plus. Of the almost 1 million over-60s who were self-employed, 223,086 were aged over 70, the report said.