- Self-employed over-60s hit record one million
- 23% of UK self-employed are over 60
- Rising state pension age drives self-employment
According to studies, the number of adults over the age of 60 who work for themselves has hit a record high of about one million.
According to research conducted by Rest Less, a digital community for over 50s, there are around 4.3 million self-employed workers.
While the number of self-employed workers aged 50 and up has increased since 2021, those in their 60s have established a new record high.
In 2023, 991,432 self-employed people aged 60 and more were employed, representing a 33% rise over the previous decade.
This meant that the over-60s accounted for 23% of the UK’s self-employed workforce, while the over-50s accounted for 49%.
According to the data, 223,086 of the self-employed were over 70.
Stuart Lewis, CEO of Rest Less, stated: “With the state pension age soon to be 67 and set to rise further, many people are choosing to work beyond the point of traditional retirement.”
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‘For many, self-employment is an excellent alternative since it allows people to stay active and connected in their communities and workplaces while also allowing greater flexibility – leveraging their talents, expertise, and network to make a difference.
‘The decision to become self-employed can be motivated by a wide range of factors, from persons living well and pursuing an entrepreneurial dream to others who are forced to create an income and have been unable to find a permanent answer in the mainstream labor.
‘The recent cost-of-living issue has made it especially difficult for individuals who rely entirely on their state pension, and we’ve seen a surge in the number of people resorting to self-employment to supplement their income and top up their pensions while they can.’
