Over a million over 50s now run their own business

Despite a decline in self-employment over the last three years, there are currently nearly a million over 50s working for themselves.

The report, compiled by the Association of Independent Professionals and the Self-Employed (IPSE), shows that the number of business owners aged 50+ grew to 1.1 million in 2023 – 89,000 more than in 2020.

IPSE’s Director of Policy, Andy Chamberlain, said, “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 9-to-5.

“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.

“But the over 50s, now in the prime of their careers and with decades of experience under their belt, likely have even more confidence in their ability to make a success of it.

“The UK is fortunate to have a vibrant self-employed sector that offers a fresh shot at success to people at any stage in their careers, and we should celebrate the fact that tens of thousands more people – especially those over 50 – are doing just that.”

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