Tens of thousands more over 50s are now running their own businesses despite an overall decline in self-employment since 2020, new analysis of workforce statistics shows.
The analysis, published today by IPSE (the Association of Independent Professionals and the Self-Employed), found that the number of self-employed business owners aged 50 and over surged to 1.1 million in 2023 – 89,000 more than in 2020 – despite the total solo self-employed population falling by 154,000 in the same period.
Furthermore, of those aged 50 and over in self-employment, as many as one in six (15%) launched their businesses within the past three years.
Released annually, the IPSE Self-Employed Landscape report provides a snapshot of how the sector’s size, demographics and economic impact have changed in the past year.
The report also found that the sector’s economic contribution soared by more than £50 billion in 2023, to a total of £331 billion, after declining in 2022.
