Work & Careers: UK Unemployment and Employment Statistics for Older People Show a Rise in Self-Employment
Work & Careers Explosion in Self-Employment Among Older People
The number of older people in the UK self-employed has surged to an astonishing 991,432 individuals aged 60 and above in 2023. This marks a dramatic rise of over a third in the last decade, signifying a crucial shift in the workforce landscape.
UK Cost of Living Crisis Impacting Retirement Choices
Many older workers are now finding themselves forced to extend their careers due to the ongoing UK cost of living crisis. Rising expenses and inadequate retirement savings compel these individuals to seek financial stability through self-employment.
Retirement Age and Planning Trends
- Older adults are increasingly pursuing jobs not just for financial reasons but also for personal fulfillment.
- Advisory group Rest Less reports that this trend reflects changing societal norms around work and retirement.
Future Implications for Society
This trend presents both opportunities and challenges for employers and the economy. Embracing this demographic can enhance workforce diversity and incorporate the valuable experience older workers bring.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.