Last year there were 1.7 million older Britons who have embraced the entrepreneurial spirit and founded their own businesses.
This number could rise to 2 million by 2020, according to a new report.
The baby boomer generation has not been shy in creating their own businesses even after they’ve hit 50 or more years. A study by the Future Laboratory has dubbed those Britons over 60 the “Boomerpreneurs”.
Not only were the older people confident enough to establish their own companies, the study revealed that their business success rate was higher than younger counterparts.
70% of new businesses formed by people over 50 lasted five years, while for younger businesspeople 28% had lasting success.
The Office for National Statistics earlier reported that one in five people over 50 is self employed.
The Future Laboratory report was commissioned by Chinese telecoms giant Huawei to judge trends in the economy.
