Older people looking into start-ups due to reforms on their pensions
Research has found that over half a million people aged over 55 are considering starting a new business due to pension reforms.
Research by AXA Wealth has found that one in ten of the UK’s older people due to retire in the next eighteen months are looking into putting their pensions into starting a small business are going into consultancy, reports Small Business.
The trend of ‘later life entrepreneurs’ could see nearly half a million older people turn to starting up their own business rather than heading into retirement.
19% of the people who wish to begin their own business are driven by the urge to utilise their experience and skills gained in their professional career to supplement their pension’s income.
Adrian Lowcock, head of investing at AXA Wealth says, “We’re seeing a revolution when it comes to retirement spending. The widespread concern that pensioners will blow their whole pension on a supercar feels exaggerated. Instead we are seeing a diverse approach, with the over-55s taking to the freedom and opportunities created by the pension reforms, in this case fuelling a whole new generation of later-life entrepreneurs.”
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