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Andy Chamberlain, IPSE’s Director of Policy, says that independence and freedom are big reasons why older people are turning to self-employment. He explains, “‘It’s clear that self-employment’s offer of independence and autonomy in work are particularly attractive to experienced professionals, especially if they have lost an employed role or have become disillusioned with the nine-to-five.” For many, being their own boss means they can work on their own terms, without the constraints of a regular job.
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The trend of older people starting their own businesses reflects broader changes in society. As people live longer and retire later, they see their later years as a time to try new things. Chamberlain adds, “Many harbour dreams of starting their own business, whether it’s to pursue a lifelong dream, increase their income or find a better work-life balance..”. This is also an opportunity for them to try remote work, having more time for their family and friends.
In summary, the increasing number of 50s starting their own businesses shows how people are adapting to changes in the workforce. With their experience and industry knowledge over 50’s are proving that success knows no age limit.
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