Tens of 1000’s extra over 50s are actually operating their very own companies regardless of an total decline in self-employment since 2020, new evaluation of workforce statistics reveals. The evaluation, revealed by IPSE (the Affiliation of Unbiased Professionals and the Self-Employed), discovered that the variety of self-employed enterprise homeowners aged 50 and over surged to 1.1 million in 2023 – 89,000 greater than in 2020 – regardless of the full solo self-employed inhabitants falling by 154,000 in the identical interval.
Moreover, of these aged 50 and over in self-employment, as many as one in six (15 p.c) launched their companies throughout the previous three years. Launched yearly, the IPSE Self-Employed Panorama report gives a snapshot of how the sector’s dimension, demographics and financial impression have modified previously yr. The report additionally discovered that the sector’s financial contribution soared by greater than £50bn in 2023, to a complete of £331bn, after declining in 2022.
The sector continues to be predominantly male, with the gender distribution of the sector standing at 61 per cent male to 39 per cent feminine, with a one share level swing in the direction of feminine in 2023. This continues a long-term development in the direction of extra ladies in self-employment, which has grown by 63 per cent since 2008.
IPSE’s Director of Coverage, Andy Chamberlain, mentioned: “It’s clear that self-employment’s supply of independence and autonomy in work are notably enticing to skilled professionals, particularly if they’ve misplaced an employed position or have turn out to be disillusioned with the 9-to-5. Many harbour goals of beginning their very own enterprise, whether or not it’s to pursue a lifelong dream, improve their earnings or discover a higher work-life steadiness.
“However the over 50s, now within the prime of their careers and with a long time of expertise beneath their belt, probably have much more confidence of their skill to make successful of it. The UK is lucky to have a vibrant self-employed sector that gives a contemporary shot at success to folks at any stage of their careers, and we should always rejoice the truth that tens of 1000’s extra folks – particularly these over 50 – are doing simply that.”
