The number of us choosing to be our own boss has rocketed in recent years to hit 4.2 million. Figures from the Office of National Statistics (ONS) reveal that many of us are becoming self-employed, although it looks like we’re more likely to take this step if we’re older.
Down to the baby bombers
The study shows that from 2008 to 2012 the majority of us escaping the corporate environment to go it alone were over 50-years old, while just five per cent of those classed as self-employed are aged from 16 to 24. The ONS explains that this could be down to the skills and experience we develop over time that we then use to build our own businesses. Furthers statistics show that as older self-employed people, we’re not confining ourselves to any one profession, although online marketing and sales have recently seen increases in interest. Other jobs we’re choosing include driving, construction, carpentry and farming.
All good news?
Some 14 per cent of our workforce in the UK is now registered as self-employed. And, as well as wanting to be our own boss, we may also be driven by a desire for more flexible working – although ONS statistics show that if we’re self-employed we may work a longer week, which could affect our wellbeing over time. Trade unions fear that a lack of permanent contracts and more temporary opportunities may have convinced some of us we’re better off leaving corporate jobs to build our own businesses.
Don’t forget the future
Retirement experts have reminded us that we still need to save for our future when we’re self-employed. As we don’t benefit from workplace pensions, financial services firm Prudential is encouraging us to think about our retirement. The group says that up to 40 per cent of us don’t set up a pension plan because we intend to work through our retirement, but wellness issues could make this impossible.
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