(UK)

Over 55s are making a major impact on the startup scene in the UK, according to new research.

The study from Barclays shows that businesses established by this age group in 2015 added more than £7 billion to the UK economy in 2016.

“It is fascinating to see this new emerging trend of ‘older’ entrepreneurs. At a time when they could be planning for retirement, the over-55s are utilising their skills by putting their wealth of experience and business knowledge to use, breaking down stereotypes in the process,” said Ian Rand, CEO of Barclays Business Banking.

Data from Barclays also revealed that in the past ten years the number of businesses owned by those 65 and over increased by 140%, while the number run by people aged 25 to 34 grew by 23%.

“The older generation adds so much value to the workplace in any context – bringing a wealth of experience and industry contacts to the table. I’m not surprised to see so many budding entrepreneurs of my generation, but it’s great to see them taking the plunge in later life, rather than feeling it’s too late,” added Liz Earle, who is an Entrepreneurial Business Adviser at Barclays.