There is set to be a strong rise in the number of over-50s opting for self-employment, claims new research.
It is estimated that older workers will become the majority within the sector over the next seven years.
Figures from CEBR and a report commissioned by Hitachi Capital show more workers aged over 50 are opting not to retire, but to remain in the workforce and this means a growing number choosing to benefit from the flexibility of being their own boss.
Between 2012 and 2016, the number of those aged 50-64 years staying in work has increased from 65 per cent to 71 per cent, with the total number of that generation still in employment expected to rise to more than nine million before the end of 2018.
Robert Gordon, chief executive officer of Hitachi Capital, said: “With low productivity continuing to affect many areas of the economy, the message from our research is clear: rather than being a drain on the economy, the over 50’s are becoming increasingly important drivers of the UK’s economic growth.
“This age group is setting up and running their own businesses at a faster rate than any other age group, directly employing nearly ten million people, two million more than the under 50’s and this gap is only set to widen.”