The number of self-employed people over the age of 50 will hit a record two million before the end of the decade, a recent report has found.
The study by the Future Laboratory showed an increase in those over 60 – dubbed “Boomerpreneurs” – shunning retirement and starting their own companies. The number of older entrepreneurs is expected to hit two million by 2020, up from around 1.7 million last year.
Greater experience and business understanding among older workers meant they had a better success rate than their “younger, sprightlier” counterparts, with 70% of start-ups led by the over 50s lasting five years, compared to 28% for younger generations, the report showed.
The report said:
“Superboomer-run start-ups are two-and-a-half times likelier to last the course for five years or more than those run by younger businesspeople. Boomers approach their second or third lives with vigour and use their life experience to start second or third careers with smaller, often craft-based businesses.”
The study, which was commissioned by Chinese telecoms giant Huawei, aimed to examine the ways over 50s are changing socio-economic trends.
The Office for National Statistics found one in five over-50s are now self-employed and more are encouraged to stay in employment. This is largely due to the desire to remain active members of society.
The future factory report said:
“Increasingly, a career will be for life in the truest sense of the word.”
Photo by The Arches