The UK workforce is seeing a huge shift as the number of self-employed workers aged 60 and over has reached an all-time high. Nearly one million people in this age group now work for themselves.
This is a 33% increase over the past decade. This age group now accounts for nearly a quarter of the UK’s self-employed workforce. The new data comes from digital community Rest Less.
While the number of self-employed workers in their 50s and older has been on the rise since 2021, particularly those in their 60s who have driven this increase. Over-50s now make up nearly half (49%) of the self-employed workforce in the UK. Additionally, a notable portion of this group includes individuals aged 70 and over, with 223,086 people in this category reported to be self-employed.
Financial necessity plays a significant role, as many older workers have discovered that what they once considered adequate pensions and savings are no longer sufficient to cover their living expenses.
With the state pension age rising and the cost of living continuing to increase, many older individuals are seeking additional income sources. Self-employment offers the flexibility they need to manage other responsibilities, such as caregiving or health issues, while still earning money.
The rise in self-employment among older workers has indeed caught the attention of policymakers, leading to calls for reforms to better support this growing segment of the workforce. These reforms focus on extending access to statutory sick pay (SSP) and other benefits that self-employed individuals currently lack.