IPSE RESEARCH: OVER FIFTIES ARE DRIVING THE RISE OF SELF-EMPLOYMENT
Millions of older workers are joining and benefiting from the freelance sector, new research from IPSE has found.
IPSE’s research shows there are now almost two million (1,907,000) self-employed people over the age of 50 in the UK: a number that has increased by 58.5 per cent in the last ten years.
The growth is even bigger among highly skilled freelancers. Today, there are almost a million (950,000) highly skilled freelancers in the UK: a number that has risen by 68.2 per cent in the last ten years.
A new IPSE report on the motivations and challenges of the self-employed shows why so many older people are turning to self-employment. They said the four key factors are:
- Being able to work more flexibly (89% agreed this was a factor).
- Having more control over work (89%).
- Having more control over hours (84%).
- The freedom to choose where to work (83%).
One in four older freelancers did say, however, that losing their previous job was a factor in turning to freelancing. This is compared to just seven per cent of 16-29-year-olds.
The report does show, however, that older freelancers are overwhelmingly happy with their lot. Four out of five (81%) said they were happy with freelancing – compared with three out of five 16-29-year-olds. Remarkably, 0 per cent disagreed with the statement that freelancing suited their lifestyle – compared to an average of 10 per cent among other age groups.
IPSE’s Head of Research, Chloé Jepps, said: “This research clearly shows that over-fifties have played a crucial part in the growth of self-employment in the last ten years. And what’s remarkable – aside from the sheer number of older people turning to freelancing – is how happy they seem to be with it.
“Over-fifties are looking to freelancing for greater flexibility and control over how and when they work. For some, it is a way to move away from the confines of the 9-5; for others, it’s a way to launch or develop a passion project.
“It is clear that freelancing is not just an economic good for this country: it is also a great social good and a liberating force for millions of older workers. It is vital the government gets behind this remarkable shift in our workforce.”
Original Source IPSE
CITB PROPOSES TAKING LEVY BACK UP TO PRE-COVID FIGURE
The Construction Industry Training Board (CITB) has proposed hiking its levy back up to pre-covid rates from 2022 as it launches a consultation into its funding proposals. The skills body had suspende ...
SELF-EMPLOYED WORKER NUMBERS 13% DOWN ON PRE-COVID LEVEL
Numbers of self-employed workers are slowly returning to the pre-Christmas level despite worries that many eastern Europeans would not return after the break. According to the construction industry& ...
CONSTRUCTION CONTRACT AWARDS DROP BY 12% IN JANUARY
The value of construction contract awards decreased by 12% in January to £4.3bn, 10% lower than the monthly average in 2020 When compared to December, construction contract awards in Januar ...
UBER HAS LOST IN THE SUPREME COURT. HERE’S WHAT HAPPENS NEXT
Uber has lost a landmark case in the Supreme Court and must now classify drivers on its platform as workers. The ruling entitles Uber drivers to minimum wage and holiday pay, protections they were una ...
REVERSE VAT IS FAST APPROACHING
VAT registered construction businesses are advised to be aware of the reverse charge measure that is to be implemented from 1 March 2021. Letters were distributed to every VAT registered construction ...
HOW CONSTRUCTION CAN FIX ITS IMAGE POST-PANDEMIC
The new year is barely under way, yet it has already brought with it momentous change – new vaccines for COVID, being delivered at phenomenal pace; a potentially balanced political backdrop with ...