Most older workers will end their careers self-employed, report reveals

An increasing number of 50 to 64-year-olds prefer to stay in work

Older people are increasingly becoming entrepreneurs or business owners (iStock)

Most self-employed workers will be over the age of 50 within seven years, a new report has predicted.

The move shows how older people are increasingly becoming entrepreneurs or business owners, according to Hitachi Capital and the Centre for Economics and Business Research.

Their study found that an increasing number of 50 to 64-year-olds were not retiring, preferring to stay in work.

Kay Daniel Neufeld, senior economist at the CEBR, said: "Self-employment among the over-50s has risen much more quickly than it has for younger cohorts, driven by demographic factors such as the rising average age of UK workers, as well as structural changes in the labour market.

"Interestingly, the data suggests that nowadays older workers more often end their careers in self-employment instead of retiring directly.

"This sometimes involves a change in occupation, but quite often people decide to stick with their industry following a preference to work more autonomously."

The report was based on studies of data such as Office for National Statistics figures.

Press Association