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Seniorpreneurs taking over

New research by the Swinburne University of Technology and Queensland University of Technology has revealed that Australians aged 55 to 64 are the fastest growing group of entrepreneurs in the country.

Named by industry as ‘Seniorpreneurs’, this group of entrepreneurs achieved an activity rate of 8 per cent, well above the 3 per cent average of innovation-driven economies. These figures are no surprise when you see that 34 per cent of all Australian business owners are aged 55 to 64.

From mid-2020, the Federal Government is rolling out career transition assistance programs for older Australians through groups that will offer specialised career advice and digital literacy training.

Australians of all ages with specialised skill-sets are finding it easier than ever to work as little or as much as they like by running their own businesses through open-market platforms such as Airtasker. Diz, a 37-year-old painter who joined Airtasker in 2015, is now the company’s top member, earning $170,000 a year working 40 hours a week (prior to factoring in Aistasker’s 15 per cent commission for each job).

“The vast majority of seniorpreneurs are people who have had changes to their current work situation, as a result of company restructure and are in that age where re-employment is difficult,” said Bambi Price, co-founder of Melbourne-based SeniorPreneurs Foundation.

With the Age Pension qualification age continuing to increase and age discrimination still a significant factor hurting Australians over 50 seeking re-employment, the seniorpreneur market is only expected to grow over the next decade.

What do you think? Do you have a unique trade or skill you can utilise in the lead up to retirement or post retirement? Have you started an entrepreneurial venture at 50-plus years of age? If so, why?

Related articles:
Working and the Age Pension
Work longer to delay Dementia
An app to turn hobbies into cash

Drew Patchell
Drew Patchell
Drew Patchell was the Digital Operations Manager of YourLifeChoices. He joined YourLifeChoices in 2005 after completing his Bachelor of Business at Swinburne University. Drew has a passion for all things technology which is only rivalled for his love of all things sport.
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