The trend for “olderpreneurs” is set to increase with 8% of UK adults aiming to start a business in retirement. This rises to 11% of those currently aged 18-25, suggesting a long-term upward trend.
Commenting on the findings, John Lawson from Standard Life said: “Quite simply, people do not get old like they used to. The Baby Boomers started a trend for redefining what is effectively their ‘third age’ and these findings point to a continued trend for re-writing the rule book for younger generations.
“Whereas a ‘job for life’ is now a thing of the past, fulfilment and job satisfaction are expected. So having worked over 30,000 hours before feeling confident and until age 50 to feel fulfilled, it stands to reason that people will choose to continue to do a job that they enjoy and are good at.”
The research also sought to understand ambition amongst different generations and found that the mean age for feeling most ambitious is 31 years old. Although those respondents aged 18-25 estimated that they would feel most ambitious at 26, those over 55 were, on average, most ambitious at 35.
The study was commissioned as part of Standard Life’s active money campaign launched in recognition that baby boomers are not growing old as they used to and need their money to be as active as they will be. It follows publication of the ‘Death of Retirement’ report earlier this year which found over 45 year olds have greater ambitions for their future than ever before. The olderpreneurs are set to take up a fresh opportunity to use their wealth of experience and shine as a new breed of SME business owner.
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2 comments so far
1 Tim Kimber // Jun 23, 2009 at 10:34 am
It is no surprise that older individuals are beginning to set up their own businesses after retirement. When you think about it, a lot of the benefits of running your own business are ideal for older workers. For example, they have a wealth of experience to go on, they get to be their own boss, they get to work from home, it suits their lifestyle, their pension serves as a good source of capital, they can make a business of their lifelong hobbies etc.
What would be interesting to know is if the ‘older generation’ are using technology to their advantage vis-a-vie promoting and running their business. A lot of the older generation tends to not be as tech savvy as they can and will perhaps require some training in order to take advantage of the available technologies. Tim Kimber, Office Live Guy
2 Veronica Woolf // Mar 11, 2011 at 10:18 am
At the age of 53 and after 10 years of working as an Employment Coach, I was made redundant March 2009 after 5 years in the same job.
Since then I have had over 30 interviews and no job offers for jobs that, by rights, I “should” have got.
Most of the interviews “should” have resulted in a job offer - making allowance for the occassional not so good interview - but I was mostly 10 - 15 years + older than the people interviewing me and even though I gave them all my best shot, being over 50 seems somehow puts the employers off.
Employers everywhere - ARE YOU CRAZY OR WHAT?? By employing a mature candidate do you realise what you are getting? Potentially? An experienced, reliable, committed employee who just wants to get back to work and stay put.
You benefit from our many years work and life experience, our adaptability, our committment to the employer and work colleagues, good time keeping, solid work ethics and values and the overall good employee.
Your loss.
After nearly two years of being out of work, I finally was offered the opportunity to start my own business which I have been wanting to do for some time and I will never work for someone else again.