Record Number of UK Self-Employed Workers Aged 60 and Over Reaches 991,000

The number of self-employed individuals aged 60 and older in the UK has hit a historic high, reaching nearly 1 million, according to new research. The figure stands at 991,432 for 2023, marking a 33% increase over the past decade, as reported by Rest Less, an organization providing advice to older individuals.

The rise is particularly notable among those in their 60s, who now make up the majority of this record-setting group. Stuart Lewis, CEO of Rest Less, attributed this trend to the increasing state pension age, which is set to rise to 67 and potentially higher. He noted that many older people are choosing to work beyond traditional retirement age due to both financial necessity and personal preference.

“Self-employment offers flexibility and the opportunity to stay active and engaged while leveraging accumulated skills and experience,” Lewis explained. However, he acknowledged that the motivations behind this trend vary significantly. Some older workers are pursuing entrepreneurial passions, while others are driven by financial necessity amid a challenging cost-of-living crisis.

The total number of self-employed workers in the UK stands at about 4.3 million, rebounding from a sharp decline during the pandemic. In 2023, 23% of these self-employed workers are aged 60 or over, and nearly half are 50 or older. Among those over 60, 223,086 are aged 70 and above, highlighting a substantial segment of the workforce in this age bracket.