Helping the over 50s find their way into business © copyright Prime 2009 prime PRIME Peter Bennie...

helping the over 50s find their way into business

© copyright Prime 2009

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PRIME

Peter BennieDirector of Operations

Heather RadleyRegional Manager – North West

www.primeinitiative.org.ukwww.primebusinessclub.com



AGENDA

• Introduction and background to PRIME• Presentation on

– demographic change– 50+ worklessness– 50+ Enterprise agenda

• Heather: PRIME's work in the North West

• Yvonne Sampson: 50+ Enterprise/PRIME

• Ann Carter-Gray: BERR on the 50+ Enterprise agenda

• Round table discussion

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pr ime PRIME

Established in 1999 as an Initiative ofHRH The Prince of Wales



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PRIME

The only national organisation dedicated to promoting 50+ self-employment and enterprise

MissionTo ensure everyone aged 50+ has the opportunity for financial, social and personal fulfilment through sustainable self-employment, business or social

enterprise



Background• PRIME has working knowledge of the 50+

market over the last 10 years• PRIME works with a national network of

Partners around the UK• PRIME delivers 50+ Enterprise Awareness,

Specialist and Intensive Support• PRIME conducts research and develops

strategies for the over 50s• PRIME works with Government at National

and Regional level

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Partners

• Enterprise Agencies (NFEA)

• Education

• JobCentre Plus, Careers Guidance

• Business Links

• Employability/Enterprise projects

• HMRC

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Corporate Partners

• Microsoft – Black Country

• Bank of America– Training– Pre-start Mentoring

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pr ime PRIME’s Clients

The hard to reach and engage

Those who need

signposting

Most able, knowing,

skilled and confident



Initiatives• Deprived urban areas

– LEGI– Belfast– South Tyneside– South London

• Business Link partnerships– S East Gateways– Yorkshire & Humber– Devon & Cornwall

• Rural– East Mids– Cheshire

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Initiatives• Sector based

– Franchising, Food & Drink– Creative Industries

• Pre-start Mentoring– South Yorkshire, Belfast– Black Country, East of England

• Employment Programmes– N East Derbyshire JCP ESF, FND– IB Health Sector Pilot, Redundancy programmes

• Under-represented Groups– Womens’ Enterprise (S East, S West, Cheshire)– BME (E Mids, Yorks & Humber)

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pr ime The Demographic Challenge

Well-being in later lifeNational report July 2008

It is a fact that England is getting older, with over-50s projected to make up a third of the population by 2009. However, the impact of this demographic change will be different depending on where in the country you live. For example, coastal and rural areas already have a high proportion of older people and this is likely to increase over time, whereas cities are traditionally home to a younger population.

http://www.audit-commission.gov.uk/laterlife/




Sub-National Population Projections – 2006 to 2031

UK population rises from 60.59 million to 71.10m, a rise of 10.4m (17.4%)

UK’s pension age population, at current SPA rises from 11.34m to 17.96m, – a rise of 6.6m (58%)

Increases in SPA from 2010 limit this rise to 14.93m (31.6%)

Extra 3.03m people drawn into workforce

50-SPA workforce grows from 9.2m to 13.0m – 3.8m 41.3%




Source: ONS, SNPP, June 2008

Old Age Dependency Ratio

25%

30%

35%

40%

45%2

00

6

20

11

20

16

20

21

20

26

20

31

England

Northern Ireland

Scotland

Wales




292 (82%) of the 354 Local Authorities in England project an increase in Old Age Dependency Ratio

71% of these experience increase of 5% or more,highest 29%

This is after changes to SPA

Impact on the cost of delivering healthcare and social services, on housing, transport and pensions is huge

Further challenge of decreasing working-age population ratio





Working Age Ratio

58%

59%

60%

61%

62%

63%

64%2

00

6

20

11

20

16

20

21

20

26

20

31

England

Northern Ireland

Scotland

Wales





%age of workforce that is aged 50 to SPA

20%

25%

30%

35%

2006

2011

2016

2021

2026

2031

England

Northern Ireland

Scotland

Wales

The percentage of the working age population that is aged 50 to SPA increases from 1 in 4 to appr 1 in 3Peak in 2026 - 31.3% of the working age population.




Source: ©Nigel Campbell, “Decline of Employment Among Older People in Britain”, Centre for Analysis of Social Exclusion, 1999




Source: ONS, Census for England, 2001

Economic Activity Rates by Age

20%30%40%50%60%70%80%90%

100%

25 T

O 2

9

30 T

O 3

4

35 T

O 3

9

40 T

O 4

4

45 T

O 4

9

50 T

O 5

4

55 T

O 5

9

60 T

O 6

4

All People

Men

Women




Source: ‘FOCUS ON OLDER PEOPLE’, ONS 2005

0

20

40

60

80

100

50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72

Men

Women

Economic activity rate: by age and sex, spring 2004



pr ime 50+ Worklessness

Rate for all people aged 50 to SPA – 28.6% (2.62m people)

Rate for under 50s - 20%

Impacted harder in recent unemployment figures – 31% increase against 22% for under 50s

More likely to become long-term claimants

Less chance (10%) of regaining employment

If rates of worklessness for those aged 50 to SPA are not reduced, the cost to the UK will rise from

£61.9bn in 2009 to £86.2bn per annum in 2031



pr ime The Self-Employment Solution

Over 50s v Under 50s Self-Employment by Region

0%

5%

10%

15%

20%

25%

East

East M

idlan

ds

Lond

on

North

Eas

t

North

Wes

t

South

Eas

t

South

Wes

t

Wes

t Mid

lands

Yorks

hire

& Hum

ber

Engla

nd

Wal

es

Scotla

nd

North

ern

Irela

nd

Over 50s

Under 50s

SOURCE: annual population survey, ONS, Jul 2007-Jun 2008



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Employees and Self-Employed by Age

0%10%20%30%40%50%60%70%80%

25 T

O 2

9

30 T

O 3

4

35 T

O 3

9

40 T

O 4

4

45 T

O 4

9

50 T

O 5

4

55 T

O 5

9

60 T

O 6

4

65 T

O 6

9

70 T

O 7

4

Employees

Self-Employed

The Self-Employment Solution





Self Employment Rates for Economically Active People

0%

10%

20%

30%

40%

50%25

TO

29

30 T

O 3

4

35 T

O 3

9

40 T

O 4

4

45 T

O 4

9

50 T

O 5

4

55 T

O 5

9

60 T

O 6

4

65 T

O 6

9

70 T

O 7

4

All People

Men

Women




Self-Employment can offer the individual:

• Control

• Flexibility

• Financial Independence

• Self-Fulfilment

• Realisation of an ambition




Held back by

• Health conditions

• Care responsibilities

• Conditioning/institutionalisation

• Lack of enterprise awareness

• Reluctance to engage with youth-centric initiatives




Realise potential of

• Skills and experience

• Capacity to continue to be economically active longer and later in life

• Rapidly increasing part of the workforce

• Lost GDP

pr ime Solutions?



• Heather Radley, PRIME– PRIME's work in the North West

• Yvonne Sampson, NWDA– 50+ Enterprise/PRIME

• Ann Carter-Gray, BERR– 50+ Enterprise agenda

• Round table discussion• Way forward

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Helping the over 50s find their way into business © copyright Prime 2009 prime PRIME Peter Bennie...

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Transcript of Helping the over 50s find their way into business © copyright Prime 2009 prime PRIME Peter Bennie...