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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Marketing