Picture the heroes of the post-recession self-employment boom and you’ll most likely envisage a coffee-clutching Tech City-ista. Think again.
According to a recent Bank of England report, the only flat whites handled by the social group responsible for the self-employment boom is rapidly moulting hair.
The report calculated that ‘silver entrepreneurs’ account for half the increase in self-employment since 2004, and recent ONS statistics show the number of self-employed over-65s has doubled from 241,000 in 2009 to 428,000 in 2014. It’s estimated that 10 per cent of pensioners now work for themselves.
And senior start-ups are more likely to survive. A 2013 Future Laboratory report found firms started by over-50s have a 70 per cent survival rate compared with 28 per cent for more youthful counterparts