The number of freelancers, contractors and independent workers aged 60 and older in the UK has risen to a record high, reaching 991,432 last year.
This marks a remarkable increase of one third in the past 10 years, according to a study carried out by Rest Less – a digital community for over 50s.
The report, based on data from the Office of National Statistics’ Annual Population Survey, identified this structural shift in the make-up of the UK’s self-employed workforce.
In 2023, those aged 60 and older accounted for 23% of the UK’s independent workforce, while nearly half (49%) were aged 50 and above. Of the nearly one million self-employed individuals aged 60 and older, as many as 223,086 were 70 and above.
Despite a challenging few years, as a result of the pandemic, the introduction of IR35 reform in the public and private sector sectors and numerous tax increases, the UK’s self-employed workforce grew to 4.37 million in 2023, with 1.60 million women and 2.77 million men choosing this way of working.
Older self-employed workers lead the way
The analysis suggests that while the number of self-employed workers in their 50s and older has been growing since 2021, the biggest increase has been among those in their 60s.
Stuart Lewis, Chief Executive of Rest Less, puts this down to several factors – notably the state pension age:
“With the state pension age soon to be 67 and set to go higher still, many people are choosing to work beyond the point of traditional retirement.
“For many, self-employment is a great option as it allows people to remain active and engaged in the community and workforce whilst also providing greater flexibility – leveraging their skills, experience and network to make an impact”, he added.
He also highlighted the many reasons to go self-employed: “The decision to go self-employed can be driven by wildly different sets of circumstances – from people living comfortably and pursuing an entrepreneurial passion to those who are forced to generate an income and have not been able to find a permanent solution in the mainstream workforce.
Lewis concluded by alluding to the challenging economic landscape, which has led many to “seek additional income through self-employment.”
A cultural shift later in life
Suzanne Noble, Founder of Startup School for Seniors, has observed a similar trend and also offered her view:
“We’ve seen a consistent increase in those over 60 choosing to become self-employed especially those with caring responsibilities who require a degree of flexibility that full time work rarely affords them.”
She also praised the ambition of older adults going solo: “Many are not just working longer out of necessity but are choosing self-employment to express a purpose, tap into lifelong passions, and use their bank of experience.
“This trend reflects a broader cultural change where older adults are redefining later life, seeing it as a time of opportunity, reinvention, and continued contribution to society.”
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