June ONS stats report

Job seekers over the age of 50 are turning to self-employment

Unemployed people over the age of 50 are starting their own businesses as latest ONS stats reveal June 2012 as the sixth month that unemployment has increased, when compared to the same time last year.

According to ONS there are 241,925 people over the age of 50 in Great Britain who are claiming Job Seekers Allowance.  The high unemployment rate is increasingly forcing this age group to find an alternative source of income.

CEO, Nick Bunting said of the latest ONS results, “The odds are stacking up against older generations, with unemployment increasing amongst the over 50s and children born in 2012 unlikely to get their state pension until 80, we have to look at other alternatives.  Self-employment offers income, stability and independence for mature workers.”

In 2011, Barclays Bank reported that a quarter of its new business comes from people over the age of 50 and nearly half a million over 50 year olds are actively seeking to start their own business.

We support the over 50 entrepreneur on their journey into self-employment through a series of workshops, mentoring programmes and networking opportunities. With 48% of over 50s more likely to succeed in business creation than any other age group, self-employment is the ideal solution to the increasing rate of unemployment.

For more information about issues and debates surrounding over 50 self-employment visit our research page.