A quarter of those over 55 plan to start their own business in 2024, according to research by Virgin StartUp.
Of the 2,000 UK adults surveyed, 32% of Brits aged 55 or over said they have been thinking about starting a business this year.
Nearly a quarter – 23% – have already taken steps to do so and a fifth said they would be willing to sacrifice financial security for a more fulfilled life.
Being their own boss and having more control of their own time were also cited as top reasons for launching a startup.
“Leveraging a lifetime of accumulated skills and a rich network of connections, starting a business in my later years has proven to be a perfect blend of passion and seasoned expertise,” said Moshin Ravjani, aged 55, who received a Virgin startup loan for his business ChangeAhead, an organisation preventing homelessness.
VirginStartup said the number of applications for its startup loans grew by 10% last year. The business loan and support organisation is predicting further growth for applications in 2024.
“You really are never too old to try something new and start your own business,” said Andy Fishburn, managing director at Virgin StartUp.
“As the working population continues to get older, it’s natural that this generation is starting to look at how it can make the most of the next chapter of their career. There’s often the misconception that young age brings with it a fearlessness to try something new, but with the right idea, passion, and determination, it doesn’t matter how old you are.”