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

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.

The Prince’s Initiative, the only national charity dedicated to supporting over 50s set up in business, recognises a problem, CEO Nick Bunting said, “The odds are stacking up against older generations, with high unemployment 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.

Business ideas that The Prince’s Initiative supports through to creation are as diverse as teaching micro light flying, wedding catering or dog grooming. With 48% of over 50s more likely to succeed in business creation than any other age group, surely self-employment is the ideal solution to the increasing rate of unemployment.