UK has record number of self-employed aged 60 or above
Rest Less has released information showing that the number of self-employed people aged 60 or over in the UK has reached a record level.
Over the last decade, these numbers have increased by over a third reaching 991,432 self-employed people aged 60 or over in 2023.
The research is from Rest Less, the UK's fastest growing digital community for the over 50s with over 1 million members, is based on bespoke data from the Office of National Statistics’ Annual Population Survey.
It found that the self-employed workforce reached 4.37 million in 2023, marking two years of consecutive growth since its nadir in 2021 – a low driven by changes to the classification of off-payroll workers through IR35 legislation and the impact of Covid. Self-employment peaked at 4.97 million in 2019.
It also found that while the number of self-employed workers in their 50s and older has grown since 2021, it is those in their 60s who have set the new high.
The analysis found:
There were 991,432 self-employed people aged 60+ in 2023 – an increase of 33% in a decade
In 2023, 23% of the UK’s self-employed workforce were aged 60+ and 49% were aged 50+
Of the nearly one million self employed people aged 60+, 223,086 of them were aged over 70
The self-employed workforce was 4.37 million strong in 2023 with 1.60 million women and 2.77 million men.
Stuart Lewis, Chief Executive of Rest Less, said:
“With the state pension age soon to be 67 and set to go higher still, many people are choosing to work beyond the point of traditional retirement.
“For many, self-employment is a great option as it allows people to remain active and engaged in the community and workforce whilst also providing greater flexibility – leveraging their skills, experience and network to make an impact.
“The decision to go self-employed can be driven by wildly different sets of circumstances from people living comfortably and pursuing an entrepreneurial passion to those who are forced to generate an income and have not been able to find a permanent solution in the mainstream workforce.”
Julie Williams, Director here at The Hollies, added:
“Shropshire also has the largest number of sole traders and small limited companies in the UK. If you’re self-employed and over 60 and need help with your bookkeeping or tax returns, please don’t hesitate to contact us here at The Hollies Bookkeeping Services in Shropshire.”
If you want to speak to an experienced and friendly team who can help you with Simple Assessment matters, why not give The Hollies a call on 01743 790086, email info@holliesbookkeeping.co.uk or visit www.holliesbookkeeping.co.uk
Image by 🌸♡💙♡🌸 Julita 🌸♡💙♡🌸 from Pixabay .