New research has indicated that increasing numbers of grey nomads may be foregoing the pleasures of the open road in order to launch their own businesses.
The Bankwest Business Trends Report has revealed that the rise of the ‘greypreneurs’ is havig a serious impact on the business landscape of Australia. There has been a 6.6% spike in business ownership among those aged 65 and older, accounting for 7400 additional businesses over the past year.
The study says there are now about 118,900 businesses owned by those of retirement age, many started by older Australians feeling the financial pinch of high costs of living and lower returns on deposits.
Bankwest chief economist Alan Langford said there was no doubt that the ‘greypreneurs’ were a new force in business.
He said that some people who had retired, or intended to retire are “maybe partly out of necessity, staying in the workforce and setting themselves up as a sole trader”.
The report looks at trends based on data provided by the Australian Bureau of Statistics Labour Force survey.