Over 55s 'increasingly entrepreneurial'

The over 55s are becoming increasingly entrepreneurial, thanks in part to new pensions freedoms it would seem.

Recent research from City AM suggested that quite a lot of older people are looking to start their own business as the traditional age of retirement approaches.

The paper's study found that the average size of the pension pot of those queried was £550,000 and almost half (47 per cent) said that they plan to use their 25 per cent tax-free initial lump sum as funding to get their new business off the ground.

City AM isn't alone in urging older people to embrace the entrepreneurial spirit and invest in new ventures of their own. Across the country there is an increasingly strong attitude of 'do it for yourself' as people of all ages look at the reality of starting their own business, big or small, and becoming their own masters.

Bank of England analysis earlier this year revealed that very little of the increase in self-employment that Britain has seen since 2008 has been driven by the recession. In fact the Bank stated that there was “little evidence to suggest” that the recession had been a big factor in the trend.

Instead, it noted, the increase in the self-employment of those aged 55 and over has been noted as significant as it indicates an acknowledgement by this group that they have “accumulated more knowledge or experience to start businesses”.