By Daniel Hunter
A new study has revealed the UK is a nation of budding 'grandtrepreneurs' with almost one million people having started a business or pursued their dream job since turning 60.
The report by Retirement Assured, the new online annuity comparison site, found life for this group certainly isn’t slowing down, and with people living longer over a quarter (28%) are choosing to work into their later years to fulfil a life ambition and do something they’ve always wanted to do.
A third (31%) have simply spotted a good opportunity and felt they had to go for it, demonstrating that winding down in the run up to - or even in - retirement is certainly not on everyone’s agenda.
Setting up a business can be risky and costly, but one in five (21%) ‘grandtrepreneurs’ say they were in a better position financially aged 60+ to take on the challenge than they were when they were younger. For more than a quarter (27%), pursuing their dream job is more about the mental stimulus and personal reward than making money.
However, the study finds that financial stability is far from true for everyone, and 18 per cent of this group have continued working into their later years because they needed to supplement their income but, interestingly, decided that if they were going to have to work they would at least do something they’re passionate about.
Having more confidence (22%) and greater skills and knowledge (23%) are also key drivers behind the UK’s ‘grandtrepreneurial’ spirit, demonstrating this is a motivated and ambitious group still wanting to realise their potential and achieve their dreams, and they’re not putting their feet up quite yet.
10 examples of ‘grandtrepreneurial’ ventures in the UK
1. Bed & Breakfast
2. Bakery business
3. Book dealing
4. Dog walking and home boarding
5. Animal portraiture
6. Antique and collectables shop
7. Fine wine dealing
8. Holiday travel business
9. Driving a school mini bus
“As people are living longer, many are choosing to carry on working by setting up their own businesses or pursuing that dream job they’ve always wanted," Peter Quinton, Managing Director of Retirement Assured, said.
"In our younger years, things like family responsibilities or perhaps lack of confidence might have prevented some of us from taking the plunge and starting our own business, but more and more people are now seizing the opportunity later in life.”
Retirement Assured’s study presents the 60+ of today as fitter and healthier (11%), exploring new interests (32%) and traveling the world (20%). However, to continue living the good life into retirement comes at a cost and 43 per cent of people aged 60+ are having to budget and watch their everyday spending. Interestingly, a smaller proportion of those who worked in the public sector for most of their working life are needing to budget (32%) compared to those who worked in the private sector (46%), suggesting a difference in income or expected income from their final salary and private pensions.
“Rising life expectancy means there’s more to think about in terms of planning for retirement and ensuring funds stretch as far as possible, but also more opportunity to achieve your dreams," Peter Quinton continued.
"The increasing cost of living combined with lower rates on annuities, which provide an income in retirement, mean that many people will need to boost their retirement pot in order to provide the comfortable retirement they aspire to. Our study shows that being a successful ‘grandtrepreneur’, whether that means being a consultant, baker or dog walker, is one way to supplement your income at retirement while also providing a sense of fulfilment and personal reward.”
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