Some 73% of SME business owners plan to work past 65 – the state retirement age.
The Aldermore Future Attitudes report surveyed over a thousand decision-makers across the UK and found more than a third (35%) intend to work into their seventies and a further 11% said they never saw themselves retiring.
Despite over half (63%) of respondents admitting they would like to retire before state age, 34% revealed enjoying their later years would only be feasible by continuing their entrepreneurship.
This suggests older business owners will be looking to maintain business rather than scale, making them unlikely to be part of the two-thirds of UK SME owners that are intending to increase their marketing expenditure this year.
Carl D’Ammassa, group managing director of business finance at Aldermore, said: “Despite a significant number of business owners having to work throughout their later years, it is encouraging to see that so many of them are still relishing the opportunity to be their own boss and lead the way well after they are 65.
“SMEs are the backbone of the British economy and they need strong experience and leadership at the helm. However, for those small business leaders who are passing on the running of their business to others, we urge them to do this as auspiciously as possible to ensure it continues to thrive in the future.”
