“Over-55s start 63% more businesses than 10 years ago”
Research from Barclays has revealed that far from taking it easy in the run-up to retirement, more baby boomers are launching new enterprises than they did a decade ago. Having looked at the demographics of it’s million plus business customers, Barclays Business Banking has revealed that the number of SMEs run by people over the age of 65 has increased by 140% over the last decade, making it the fastest-growing age group in terms of entrepreneurship and self-employment. Overall the people who were 55 or older saw a 63% increase over the same period. In comparison, the number of ventures run by people between the ages of 25 and 34 only grew by 23%.
When you break down this rise by location, the areas seeing the most growth in older entrepreneurs are those in the most traditional entrepreneurial hotbeds. The rise of people over 55 launching businesses was particularly high in London and the south-east, according to the report. Other popular locations for “olderpreneurs” were the north-east, Wales and the north-west.
Commenting on the research, Ian Rand, chief executive of Barclays Business Banking, said: “It is fascinating to see this new emerging trend of ‘older’ entrepreneurs. At a time when they could be planning for retirement, the over-55s are utilising their skills by putting their wealth of experience and business knowledge to use, breaking down stereotypes in the process.”
Hat tip to Eric Johansson who wrote the original article from which this extract was taken.