The younger generation seem to have it all. New experiences to learn, a career path to walk, strength, enthusiasm, aspiration. But, it appears that the youth of today are being surpassed by their elders in a surprising way.
According to research by Hitachi Capital UK and the Centre for Economics and Business Research, the over-50s are contributing more to the UK economy than ever before. Why? Well, the number of 50-64 years olds still in work is rising. Did you know that the combined age of the leaders of our three main political parties in England is 203 (61, 68 and 74)? In the UK, 8.7 million over 50s were employed as of the end of 2016 – a rise from 6.8million in 2005.
Of that 8.7 million, 2.1 million are self-employed and it is thanks to these entrepreneurial over-50s that the workforce is still driving forward. The ONS Labour Force statistics reveal that of the 2.1 million self-employed over-50s, 0.36 million employ at least one other person. In fact, they generated more revenue than younger SME owners and are becoming an increasingly important demographic in the UK. Last year, those businesses created a combined turnover of £365 billion and accounted for 3.46 million jobs.
Of course, these figures are only just emerging, so it is difficult to decipher any ongoing patterns. Having said that, research shows that SMEs run by over-50s are already outperforming younger competitors on job creation and turnover. People are living longer and the analysis of the direct and indirect impact on the wider economy looks set to continue – and rise even further.
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