Over-50s leading the way for self-employment
Contractors will be interested to hear that a new report taken from the Financial Times, has revealed that people aged 50 and older, are responsible for the one-person business sector advancing so rapidly over the past four years.
The latest research, based on analysis of official figures, has found that the stereotypical image of contractors being young is not as true as most people would believe, as those who are aged 50+ are the reason for more than 80% of the growth in limited company contractors and freelancers.
According to the Financial Times findings, it seems that those who are in this age bracket are setting up on their own either because they can’t afford to fully retire, or cannot find conventional 9-5 jobs.
The study also found that even when those at retirement age are entitled to have their state pension, many are choosing to continue working anyway.
These findings are very much supported by the Office of National Statistics (ONS), which found that there was a 54% rise in the number of self-employed people over the last four years, who are aged 65 years and older.
Nick Palmer, of the ONS, commented on the findings, “These people have been self-employed for most of their careers, so they don’t just retire.”