The number of over 50s is increasing so rapidly that over 50s are set to make up the majority of the self employed workforce in the UK. Research from Hitachi Capital UK and CEBR shows the economy rebalancing away from the younger generation. Data from this research suggests that 50-64 year olds are more frequently choosing not to retire and prefer to stay active in the labour market.
If the over 50s maintain this growth they will represent the majority of the self employed workforce by 2024. According to the study, businesses owned by over 50s employ more people than younger owners, this gap is set to widen in the coming years.
Key findings of the research:
- The over-50s will dominate self-employed workforce by 2024
- UK reliance on older generations to drive UK productivity could be ticking time bomb
- In 2016, over-50s employed more people than those run by younger individuals for the first time
- The number of 50-64 year olds in work expected to exceed 10 million by 2021
- Over-50s working or actively looking for work has risen to 43 percent
It tells us what we already really knew. Over 50 are an industrious group of people! Good news for us and the younger generations.