Over-50s 'turning to start-ups'

Date: 1st October 2009

Older Britons are not letting rising job losses and the recession get them down, with many planning to begin their own business start-ups.

Research from specialist insurer RIAS, released today (October 1st), shows that a total of 860,000 UK over-50s want to become entrepreneurs.

Around 1.7 million older people currently own their own business.

More generally, 14 per cent of older Britons say that they have become more conservative as they have got older.

However, 38 per cent feel that they have become "more adventurous" and 30 per cent told RIAS that they plan to "grow old disgracefully".

Janet Connor, managing director at the insurer, said: "From their entrepreneurial spirit, through to their record-breaking achievements, today's over 50s are diverse, complex and aspirational - one size really doesn't fit all."

She added: "Our latest research report shows that the over 50s should be celebrated for their outlook, life experience and the knowledge they can pass on to other generations."

Britain's older workers gained a further boost today when the Civil Service announced that it was scrapping its mandatory retirement age for employees.

The government's Equality Bill, aimed at stamping out age discrimination in the UK, was put before parliament in April.