Self employed over 60s reaches record high

The number of people aged 60 and older who are self-employed reached a record 991,432 in 2023, according to new analysis from Rest Less, a digital community for the over 50s.

Rest Less analysed data from the Office of National Statistics’ Annual Population Survey and found that the self-employed workforce reached 4.37 million in 2023, marking two years of consecutive growth since 2021, where numbers were affected 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.

Rest Less’s analysis found that whilst the number of self-employed workers in their 50s and older has grown since 2021, it is specifically those aged in their 60s which have set a new record high.

Stuart Lewis, Chief Executive of Rest Less, attributes this to a number of different factors: “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.

“The cost of living crisis of recent years has made it particularly challenging for those relying solely on their state pension and we’ve seen an increase in the number of people turning to self-employment  to provide an additional income source and top up pensions whilst they still can.”

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