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Self-employed over-65s working less and earning more

Over-65s are profiting from a rising trend in the number of people becoming self-employed, according to a study.

QuickBooks developer Intuit polled 5,000 people and found the average ‘silver self-employed’ worker earns almost £40,000 a year – around £7,000 more than the average self-employed worker (£33,000).

In addition, over-65s who are self-employed worked an average of 21 hours a week – 7 hours less than the average self-employed worker.

An increasing amount of workers are choosing to become self-employed, with figures from the ONS revealing the number had increased to 4.85 million in September 2017.

71% of over-65s said they are better off financially than when in full-time employment.

67% also expressed being more satisfied with life in general, while 68% enjoy more flexibility.

However, despite the benefits, 41% were concerned of not having enough income while a further 35% said managing business accounts and taxes was an issue.

Dominic Allon, vice-president and managing director of Intuit Europe, said:

“Self-employment is often associated with the likes of millennials, creatives in design agencies and teenagers writing code in their bedrooms.

“But with bigger savings pools and a lifetime of acquiring skills and expertise combined with economic factors, such as the state pension age increase, ‘silver self-employed’ workers are fast becoming an economic force in the UK.”

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