- One in ten over 50s run their own business
- 37% of those who run their own business set it up in retirement
- A fifth of over 50s buy and sell things on the internet
- One in eight 70-74 year olds use eBay
Far from leaning back in the rocking chair a burgeoning number of over 50s are shunning the chance to put their feet up in retirement and are instead setting out to rival Lord Sugar. According to research by Saga Home Insurance, one in ten of the 8,980 over 50s asked run their own business and two fifths have started their business since retiring.
Setting up businesses from home gives the over 50s freedom and flexibility. This could be why the next generation of retirees are brimming full of ideas and ambition with one in four hoping to set up shop when they hang up their working boots.
However, it seems that men and women work in different ways when it comes to running their own business. Research suggests that men tend to visit other people’s homes, perhaps to lend a hand with DIY or to spruce up their garden (26% men Vs 13% of women), while women are happy to sit back and let their customers come to their office or studio (21% women Vs 8% of men).
A fifth of over 50s are using eBay and Amazon to buy and sell goods to make some extra money. The 50-54 year olds are the most likely to reap the benefits of a bidding war on eBay (37%), one in eight 70 to 74 year olds are also keen users of the popular online auction site.
Roger Ramsden, chief executive, Saga Services commented: “It’s clear that retirement is no longer about taking up golf or putting your feet up. Working in retirement can benefit people’s social life, help them earn some extra cash and give them the opportunity to try something completely new and exciting.”
In response to this trend, Saga Home Insurance covers over 50s who either already run their own business from home or hope to. Whether people are running a B&B or looking after people’s finances, Saga supports the over 50s who are budding entrepreneurs. For more information please visit www.saga.co.uk.