Centre for Economics and Business Research says older generations are driving national productivity.
The older generations are the new entrepreneurs, creating employment and driving national productivity, according to research by the Centre for Economics and Business Research (CEBR).
Entrepreneurs aged over 50 employed more people than start-ups run by younger individuals for the first time in 2016, the research found.
The trend is likely to continue: the number of over-50s in work is rapidly increasing and those aged over 50 are expected to dominate the self-employed workforce in the UK by 2024. On current trends, this gap will widen over time.
“With low productivity continuing to affect many areas of the economy, the message from our research is clear: rather than being a drain on the economy, the over-50s are becoming increasingly important drivers of the UK’s economic growth,” said Robert Gordon, CEO of Hitachi Capital UK, which commissioned the research.
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