Research has shown that people who are 50 years plus are more likely to experience long-term unemployment. Age discrimination and being over qualified are some of the fundamental reasons why.
In 2020, the National Bureau of Economic Research did a study in which they found that there is over a 50% chance that a person who is 40+ is less likely to be offered a job than someone who is younger, if ages were revealed at the recruitment stage. As a result, a person who is 50+ is more likely to be unemployed for at least two years if they lose their job.
In addition to the above, recent data provided by the HMRC highlights that the percentage of under 25s on furlough has decreased whereas the over 55s has increased, suggesting that younger workers are being favoured to return to work first.
Given the above, there seems to be no better time than now for people who fall within the older age bracket to start their own business. In fact, the last 5 years has seen an increase in the number of people who are 65+ starting their own business, with figures doubling in the UK alone.
Whilst the prospect can be both daunting and challenging, the benefits of taking such a leap can be very rewarding and fulfilling. It can provide an opportunity to turn a hobby or a passion into a thriving business and/or do the type of work that gives a strong sense of purpose. Furthermore, 80% of new start-ups by people who are 50+ are doing it for the first time. This is encouraging and shows that it is never too late to learn, create and be your own boss.
Enterprise Junction is a charity that offers free online self-employment courses for people who are 50+. For more information please visit our website; enterprisejunction.org.uk or email; Helen@enterprisejunction.org.uk