Older British workers are leaving the permanent workforce and taking up the mantle of the self-employed in greater numbers, according to recent research.
The Office of National Statistics has recently revealed that there has been a 15 per cent increase in the number of people between the ages of 50 and 64 working as independent contractors, freelancers, and umbrella company workers over the past four years. This equates to 185,000 individuals, according to the ONS.
Just as noteworthy was the increase of self-employed workers over the age of 65, which has grown by 54 per cent over the past four years. This means that there are 121,000 new freelance workers than there were just four years ago, the ONS said.
Whether this is a willing transition into self-employment or it is with resignation because of a lack of permanent positions is unclear, industry experts say. However, with the economic recovery still quite sluggish, the fact remains that options for permanent workers are are still lower than they were prior to the economic downturn, though unemployment figures have improved slightly as of late.
Women in particular may be turning to self-employment in greater numbers as well, according to the Trade Union Congress’s recent report. There are 170,000 less women working PAYE jobs than there were in 2008, the union found, while nearly 200,000 women have opted to go into business for themselves through self-employment as a freelancer, contractor, or sole proprietor, again due to the economic hardships that have arisen in the wake of the global economic downturn and slow creep back from the precipice of recession.
