Public Servant Lifestyle

Images of rocking chairs and slippers are being consigned to the scrap heap as retirees capitalise on their experience to re-enter the world of work - but on their own terms.

A report by Barclays, Third Age Entrepreneurs - Profiting From Experience shows that older entrepreneurs are responsible for 50% more business start-ups then 10 years ago, launching an estimated 60,000 new ventures in 2000.

Today's Third Age entrepreneurs work hard - 49% work an average of 36 hours or more - but also rate holidays, lack of stress and a balance between work and home-life more highly than their counterparts starting in business when under 50. Only 27% run the business as the only source of income to the household, with 51% supplementing a pension.

Other key findings were:

- Third Age start-ups account for an estimated 15% of all new businesses.

- The average turnover of a business started by a Third Age entrepreneur is £70,000, compared with a national average of £104,000 for those starting in business aged under 50.

- Third age entrepreneurs are three times more likely to be male than female.

- Nearly 35% of Third Agers started their business because of retirement, redundancy or dissatisfaction with their previous jobs.

- Barclays spokesman Mike Rogers, said: "What we are seeing is a demographic shift as people who previously thought their working lives were over choose to re-enter the workplace as their own boss. Their experience and knowledge will be valuable for the enterprise economy.

"The approach of older entrepreneurs to running their own business differs greatly to those under 50, with the desire to be their own boss or turn a hobby into a career a key motivation. Banks, government and business support organisations need to be aware of their differing needs and the growing importance of this group to the economy."

By 2025, more than a third of the UK population will be over 55, compared with one in four today.

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