File image. Photo: Unsplash / Chris Liverani
An increasing number of senior members of the workforce are becoming entrepreneurs, even without the government policies and industry supports geared to younger start-ups.
Massey University's Health and Ageing Research Team (HART) said senior entrepreneurship was an unrealised opportunity, backed up by a 101-page report outlining how a fresh approach could help an ageing population extend their working life.
"While the ageing of the workforce is often conceptualised as a problem, there are in fact opportunities and benefits to all of society in maximising the participation of older New Zealanders in the workforce," HART co-director professor Fiona Alpass said.
"Promoting senior entrepreneurship through targeted policy development provides an opportunity to recognise and realise these benefits."
The report indicates there was significant growth in the number of people reporting as self-employed in the first 18 months of the pandemic, with 10 percent growth in the number of people over 50, compared with just six percent for those aged under 50.
The report also focusses on barriers to work faced by older workers, such as age discrimination.
While New Zealand had the third highest labour force participate rate of older workers between 50 and 64 at 79 percent, the group also represented about 22 percent of people looking for work.
As well, participation rates rapidly decline after aged 65 when people become eligible for the government pension.
The report sets out 25 policy recommendations for government, professional bodies, economic development agencies, business and start-up support organisations aimed at senior entrepreneurs.
Among the recommendations were efforts to inform older workers about the supports available, as many were unaware of existing resources available to start-up businesses.