The economic downturn has been tough on most households, with the
rising cost of living not being matched by a similar increase in
earnings and many people facing redundancy as businesses look to cut
costs.
For older workers, the situation can be extra-stressful. Quantitative
easing has reduced the value of pension pots and annuity rates have
fallen, while vacancies for experienced workers are at a premium. Yet
many of those over the age of 50 affected by the downturn have sought to
use being out of work as an opportunity.
Research from Nominet Trust has found that 32 per cent of workers
over the age of 50 are self-employed, compared to just 13 per cent of
those below this age. But just why are the over-50s more prepared to
strike out on their own? Or is it just a case that older workers are
better at running their own firm?
We’ve been looking at the issue of being an older entrepreneur and
have found that older people are more likely to start their own firm
than younger people, and even those beyond state pension age are giving
it a go. In fact, around nine per cent of those over state pension age
are still in work.
Our study also notes that "the desire to do something pleasurable"
and "achieving a better work-life balance" are two of the main reasons
older people strike out on their own, and that a lifetime of experience
in the workplace is a valuable asset to the small-business owner. As
report author Barrie Hobson notes, older workers tend to be "more
mature, less stressed, usually [with] better interpersonal skills with
customers [and] more reliable".
While older entrepreneurs may be more suited to starting their own
business, everyone could do with a little assistance to get their
start-up off the ground - especially financial help. The Community
Development Finance Initiative is one possibility. It involves a
non-profit organisation lending money to individuals, businesses, social
enterprises and charities for the benefit of the local community. There
are many such groups dotted around the UK, and you can find your
nearest one here.
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