- One in five working people aged over 50 are self-employed compared with one in 10 under 50s.
- In 2022, 2,055,843 of the 4,300,509 self employed workforce in the UK were aged over 50
- The number of self-employed people aged 50+ has increased by 18% in the last 10 years. In 2012, there were 1,741,996 self-employed people who were aged over 50
- In 2022, one in five (19%) of all working over 50s were self-employed compared with one in 10 (10%) under 50s
- The number of self-employed people aged over 50 peaked in 2019 when it stood at 2.26 million
- The percentage of self-employed people aged over 50 as a proportion of the total number of self-employed people in the UK has grown year on year over the past decade from 41% in 2012 to 48% in 2022.
Nearly one in two (48%) self-employed workers are aged 50 or older – the highest proportion in the past decade – according to new analysis from Rest Less.
In its latest analysis of bespoke data from the Office of National Statistics (ONS), Rest Less – a digital community and advocate for people aged over 50 – found that the proportion of self-employed workers aged over 50 has grown year on year for the past 10 years. This is despite particular challenges faced by the self-employed workforce such as Covid and changes to government policies, which include a reduction in the dividend tax allowance and changes to off-payroll rules known as IR35.
Meanwhile, the proportion of people aged under 50 in self-employment has been in steady decline over the same time period (52% in 2022).
Chart 1: Proportion of self-employed workforce by age group
Chart 2: Self-employed workforce aged over 50, 2012-2022
Stuart Lewis, Chief Executive of Rest Less, commented: “The long term rise in self-employment amongst the over 50s is a significant trend that reflects changing attitudes towards work and retirement amongst this generation. As people are living longer, they are increasingly looking for ways to remain engaged and active in the workforce for longer too.
‘Self-employment provides a way for older workers to use their skills and experience in a flexible and autonomous way whilst also generating income and maintaining their sense of purpose. Technological advancements means setting up a business in your 50s or 60s has never been easier and armed with rich life experience and a valuable business network behind them, the appeal of building something of their own or pursuing a passion project can be a powerful draw.
‘There is a more sinister side to the rise in self-employment amongst this age group too. Shut out of the mainstream workforce due to a lack of flexible working opportunities and rampant age discrimination in the workplace means many older workers have no choice but to set up on their own. Stuck between a rock and a hard place with a rising cost of living and the state pension age soon to be extended to 67, self-employment can feel like the only option for many who have been denied access to traditional employment.”
Rest Less is committed to supporting self-employed workers aged 50 and older through its digital platform, which provides resources and guidance on everything from job opportunities to health and wellbeing. You can find the Rest Less guide to self-employment here.
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Notes to Editors
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About Rest Less
Rest Less (restless.co.uk) launched in early 2019 and is a digital community for people in their 50s, 60s and beyond. Rest Less is on a mission to help its members get more out of life and offers content guidance and resources on topics spanning Jobs and Careers, Volunteering, Learning, Money, Health and Lifestyle and Dating.