Skip to main content

Umbrella company contractors will be interested to hear that a recent report by the Financial Times, has found that the main age group behind the one-person business sector growing so rapidly, is the over 50s!

The survey, which is based on official figures, has revealed that people aged 50 and older, are responsible for the sector having advanced so quickly over the past four years. 

According to the Financial Times’ findings, those who are aged 50+ are the reason for more than 80% of the growth in umbrella service contractors and freelancers.

Despite the fact that many people assume that first-time contractors are usually much younger and just starting out on their career path, it seems that those who are 50+ are setting up on their own either because they can’t afford to fully retire, or cannot find conventional 9-5 jobs.

It was also revealed that even when those at retirement age are entitled to claim for their state pension, many are choosing to continue working anyway.

These findings are very much supported by the Office of National Statistics (ONS), which found that there was a 54% rise in the number of self-employed people over the last four years, who are aged 65 years and older.  As explained by Nick Palmer, of the ONS, "These people have been self-employed for most of their careers, so they don't just retire.”

Shaun Parry is the Business Development Manager for Contractor Umbrella, one of the UK’s Most Respected and Compliant Umbrella Companies. You can learn more about Contractor Umbrella by connecting with us on Google+.”

Take Home Pay Calculator