Almost half of the UK's self-employed workers are over the age of 50. But is self-employment a choice or is age discrimination forcing many older people to work for themselves?
A new study by Rest Less has found that the number of self-employed people aged 50 or more has increased by 18% in the last decade. It means that almost half of the self-employed workforce across the UK are now over 50 - the latest research by freelancer body IPSE suggests that 48% of self-employed workers are over 50.
With the retirement age set to rise to 67, most over-50s need to keep working for many more years; the findings of the Rest Less report suggests that the cost of living crisis and a desire for flexible working is driving many into self-employment.
Stuart Lewis, chief executive of Rest Less, said: "Self-employment provides a way for older workers to use their skills and experience in a flexible and autonomous way while also generating income and maintaining their sense of purpose.
"Technological advancements mean setting up a business in your 50s or 60s has never been easier and armed with rich life experience and a valuable business network behind them, the appeal of building something of their own or pursuing a passion project can be a powerful draw."
Age discrimination
However, self-employment is not a choice for all, he adds. "Shut out of the mainstream workforce due to a lack of flexible working opportunities and rampant age discrimination in the workplace means many older workers have no choice but to set up on their own.
"Stuck between a rock and a hard place with a rising cost of living and the state pension age soon to be extended to 67, self-employment can feel like the only option for many who have been denied access to traditional employment."
Self-employment in numbers
- There are 4,094,655 people in the UK solo self-employed sector;
- This workforce contributes an estimated £278bn a year to the UK economy;
- The overall solo self-employed population is 62% male and 38% female;
- The average age of the UK's solo self-employed is 48;
- 23% of UK self-employed workers are aged 40-49;
- 27% are aged 50-59;
- 21% are 60+.
Written by Rachel Miller.