A burgeoning number of over 50s are shunning the chance to put their feet up in retirement and are instead setting out to rival Lord Sugar. According to research by Saga Home Insurance, one in ten run their own business and two fifths have started their business since retiring*.
Setting up businesses from home gives the over 50s freedom and flexibility. This could be why the next generation of retirees are brimming full of ideas and ambition with one in four hoping to set up shop when they hang up their working boots.
However, it seems that men and women work in different ways when it comes to running their own business. Research suggests that men tend to visit other people’s homes, perhaps to lend a hand with DIY or to spruce up their garden (26% men Vs 13% of women), while women are happy to sit back and let their customers come to their office or studio (21% women Vs 8% of men).
A fifth of over 50s are using eBay and Amazon to buy and sell goods to make some extra money. The 50-54 year olds are the most likely to reap the benefits of a bidding war on eBay (37%), one in eight 70 to 74 year olds are also keen users of the popular online auction site.
Roger Ramsden, chief executive, Saga Services commented: “It’s clear that retirement is no longer about taking up golf or putting your feet up. Working in retirement can benefit people’s social life, help them earn some extra cash and give them the opportunity to try something completely new and exciting.”
In response to this trend, Saga Home Insurance covers over 50s who either already run their own business from home or hope to. Whether people are running a B&B or looking after people’s finances, Saga supports the over 50s who are budding entrepreneurs. For more information please visit www.saga.co.uk.
Notes to Editors
• *Populus interviewed 8,989 adults, all aged 50 and over, online between 18th and 24th January 2013. Populus is a member of the British Polling Council and abides by its rules.
Saga Home Insurance
Saga Home Insurance is designed for the over 50s and provides:
• Up to £5,000 for loss or damage to business equipment within the home
• Up to a 15% discount when people buy a combined buildings and contents policy online **
• Up to £500,000 buildings and up to £50,000 contents cover as standard
• Higher levels of cover available through the Saga Home Insurance TailorMade policy
• New for old replacement of contents
• Full protection when home is unoccupied for up to 60 days in a row.
** 99% of people who had a buildings and contents quote received a discount of at least 15%. Saga survey of quotes September 2012.