ONS (Office of National Statistics) data shows that as at the end of 2015 there were 4.6m self-employed people in the UK – up from 3.8m in 2008 – and the over 50’s account for 43% of those that start their own business. In addition, the number of self-employed people aged 65 and over has more than doubled in the past five years.
This is quite compelling – the rise of the “nevertiree”. It seems that many of these new older self-employed/business start-up initiators are using their pension funds to fund their ventures.
This “rise of the older entrepreneur” is another example of how demographics and social change are affecting and (predominantly) extending the need to access financial advice.