An increasing number of pensioners are turning to freelance work in order to boost their pension pots, according to research carried out by Future Foundation.

The study conducted for pension provider Friends Life suggests that enterprising pensioners take freelance jobs as consultants, set up as online traders and establish their own businesses, in order to supplement their retirement savings.

Researchers tagged the group ‘wearies’ (working, entrepreneurial and active retirees), saying that due to inadequate savings, by 2020 many people who are in their seventies will simply not be able to afford to completely give up work.

Martin Palmer, Head of Corporate Benefits Marketing at Friends Life, said: “Necessity is the mother of invention and ‘wearies’ will be among the most innovative and entrepreneurial contributors to the UK economy, despite their senior years.”

Just over half of the people surveyed who had already retired said they would be prepared to work part-time if it meant they could boost their pension pot, with three-quarters of those yet to retire saying they would be willing to do the same.

Unemployment could be set to rise further, potentially leading even more people to consider freelance work in the very near future. According to the Wall Street Journal, Adam Posen suggested in a speech at Nottingham Business School that hoarding of labour may have restricted productivity growth in certain sections of the UK economy, saying: “If market discipline hits the dawdlers, then most of the productivity puzzle goes away.”

However, Mr. Posen suggested that many of those made redundant would eventually find new work as the economy adjusts towards more productive industries. He also insisted that the financial crisis had not permanently damaged Britain’s economy, and that it could resume growth further down the line.

It’s thanks to the capabilities of the internet that continually aids freelancers in finding work, especially the many outsourcing websites. One outsourcing website in particular, called OutsourceMyProject, has seen a noticeable increase in the amount of freelancers bidding on the projects posted on the website, by many different companies.

Loren Holland, Managing Director of OutsourceMyProject said: ”The demand for freelance work is continually increasing. With over £1 million worth of projects posted on our site last year alone, freelancers of all ages are securing work everyday.”

He went on to say: “The service OutsourceMyProject provides is hassle-free and the ideal way for businesses to find the exact talent they are looking for. By choosing a quote that fits within their budget, businesses are able to increase their chances of surviving a recession by saving money at every opportunity, while freelancers are able to boost their income by putting their knowledge and skills to good use.”

OutsourceMyProject is a UK based platform that’s been created to open up the global market place for professional services across a wide range of sectors. To date, the concept of outsourcing professional services has been limited to large companies and organisations. However, OutsourceMyProject enables small and medium sized organisations, entrepreneurs and individuals to successfully outsource business both at home and abroad too.

Via EPR Network
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