Older people are more confident about starting their own business, according to a new report from O2 business.
Over 42% of over-55s said they are confident in their skills and abilities to start their own business, compared to 8% of those aged 18 to 24.
This confidence is likely to come from the additional time and money that people tend to have later in life. Less over-55s named time (10%) and money (18%) as barriers to starting their own business, compared to those in the younger age groups.
However, technology is more likely to trip up the older entrepreneur. Half of those aged over 45 in the study said their lack of IT knowledge would be a barrier to launching a start-up.
Paul Lawton, head of small business for O2, said “It’s great to see that people heading into the latter stages of their working life are as likely as the younger generations to take charge of their destiny and start their own business. I believe that a variety of entrepreneurs in the start-up market is exactly what the UK needs to ensure the continued growth of the economy.”