The number of people aged 60 and older who are self-employed has reached a record of almost 1 million, research suggests.
This represents an increase of more than a third (33%) in the past decade, to reach 991,432 self-employed people aged 60 or over in 2023, according to analysis by Rest Less, which offers advice to older people.
The analysis 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.
Stuart Lewis, the 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.”
But he added that behind the numbers were “wildly different sets of circumstances”, from people living comfortably and pursuing an entrepreneurial passion to those who were forced to generate an income and unable to secure a full-time job.
“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,” he added.
The total number of workers who are self-employed is about 4.3 million, after a two-year recovery following a sharp fall during the pandemic, according to the research, which draws on a bespoke Office for National Statistics report on self-employment based on annual population survey data between 2011 and 2023.
In 2023, 23% of the UK’s self-employed workforce were aged 60 or over and 49% were aged 50-plus. Of the nearly 1 million over-60s who were self-employed, 223,086 were aged over 70, the report added.