Fifty nifty as baby boomers driving economy

There are now more than 1.7 million entrepreneurs over the big 5-0 in the UK, and one in five of those is self-employed, according to a new report.

The first post-Second World War generation is one of the richest in history, controlling 89 per cent of disposable spending.

Experts say statistics from forecasting consultancy Future Laboratory point to a social revolution and shift in attitudes to advanced years.

Wealthy and healthy, the so-called “superboomers” embrace the fact they will live longer and ease themselves into retirement by splashing the cash on hobbies and interests.

Yorkshire businessman David Ross, 51, was managing director of Keycare before setting up his own firm, Valeos, which designs and makes spare parts for vehicles from its Leeds base.

“Fifty is now no age at all, it’s when you’re at the peak of your powers,” said the father-of-one.

“I think this generation is still fit and healthy in body and mind and you’ve got the benefit of wisdom behind you.

“They also recognise the importance of work-life balance and forward-thinking employers recognise that it’s how you attract and retain talent.

“I agree that over-50s are no longer struggling to be down with it. They are it.”

The Future Laboratory report, commissioned by technology company Huawei, said the generation is redefining views on lifestyle, fashion and technology.

It stated: “Superboomers are having a second go at being youthful.”

Future Laboratory’s chief strategy officer Tom Savigar said: “Retirement offers them the chance to rev up rather than slow down, to start a new business or career, to invest and seek adventure with confidence, experience and attitude.”

The report cites figures from Kantar that women over 50 in the UK account for 41 per cent, or £2.7bn, of the annual spending on clothing, shoes and accessories, while a Nuffield Health study found gym visits peak at the age of 66.

While Mr Ross uses much of his income to cater for his seven-year-old son, he also enjoys some indulgences which professional success has afforded him.

“I didn’t have a bad childhood but I want my son to have a better one than mine, to have nicer holidays than I did,” he said.

“I’ve got a holiday home in the Dales and I suppose that to me is a sign of success. A lot of my money goes into leisure like that, getting quality walking equipment.”

The Government is also doing its bit to encourage people to work longer and imploring businesses to utilise the over-50s in the workplace.

Dr Ros Altmann, the Department for Work and Pensions’ older workers champion, said: “There is a whole new phase of life up for grabs. It is a phase that is full-time work, where you ease yourself into your later age rather than reach a specific chronological date and your working life is over.

“Why would you want to stop working, stop using your talents and have a lot less money to live on?”