So you are thinking about self-employment? Or maybe you have already begun to explore the possibility of becoming self-employed.
At PRIME Cymru we think this is a great route for any over 50 year old to explore. But why?
We are all living longer and therefore needing to finance ourselves later on in life.
In Wales, we currently have over 250,000 people between 50 and state pension age who are economically inactive – this is equivalent to more than one in three of all people aged 50 to statutory retirement age in Wales that are currently not working.
As a result of the continuing downturn in the UK economy during 2011/12 people over the age of 50 are now disproportionately affected by redundancy and long term economic inactivity and are 5 times less likely to secure alternative employment than a person in the 16-24 age group.
On an individual level this means that many older people of working age are surviving on very limited means (with large numbers of them in receipt of incapacity benefit payments) often leading to older age poverty in retirement. It also means that society as a whole does not benefit from the great wealth of skills and experience which older people possess.
With over 250,000 people over the age of 50 seeking work and many more worrying about redundancy, mature workers need to think about other ways to finance themselves.
- Financial independence
- The chance to use all the skills built up over a lifetime of working
- Flexible working hours
- Opportunity to rise to a new challenge
- Personal development and motivation
- Combat social isolation and ill health borne out of unemployment
- Achieve a certain lifestyle choice
If you have an idea for a business we have people throughout Wales, and the person in your area will have the local knowledge and contacts to help you. He/she will meet with you and help you develop your business idea into a reality.
We have already helped more than 1600 people in Wales achieve their dream of working for themselves.