A new Duke University study revealed that baby boomers have become entrepreneurs at a faster rate than Gen Yers over the past three years.

According to the university's Center for Entrepreneurship and Research Commercialization, several factors are driving startups from those in the 55-to-64 age group including a loss of retirement savings and home value as well as jobs. 

The study also showed that baby boomers are opting for self-employment more because some are finding it challenging to compete with younger people for jobs.  

Other pieces of research have offered similar proof of the boomer shift. The Kaufmann Foundation published a study last year that also showed more 55 to 64 year olds have become entrepreneurs.

An MBO Partners survey recently revealed that those in the 50-to-64 age range are the largest group of independent contractors and 86% percent said they were satisfied or highly satisfied to work independently.