Can olderpreneurs ride to the rescue?
A new study by Standard Life suggests that “olderpreneurs” are choosing to set up business on their own rather than seek retirement.
Up to a third of people aged 45 to 65 want to work on when approaching the normal age to take it easy. It’s no coincidence perhaps that this is the “baby boomer” generation.
The more wealthy ones are the most likely to fall into this group.
Policy experts said the research showed that given the right incentives, a new class of “olderpreneurs” could help pull Britain out of recession.
Those approaching retirement age were twice as likely as their parents to choose to continue working, the poll found.
Andrew Haldenby, director of the think tank Reform, said the findings demonstrated a “quiet revolution that is turning traditional ideas of retirement on their head. Policy-makers need to take notice of this fundamental shift in ambition, and instead of telling this generation to slow down and retire, incentivise them to kick start our economy. If all the older people who wanted to set up their own businesses succeeded, the number of UK firms would rise by 50 percent.”
He urged politicians to harness the potential of “the greying end of the population to form a new group of enterprise champions”.
With pension entitlements shrivelling up in the current economic climate, isn’t this the kind of enterprise we need for these hard times?