Reaching retirement age doesn’t mean DIY projects or leisurely gardening time for the UK’s eager entrepreneurs as passion for their businesses keeps them driven well into later life.
Narborough, Leicester, UK, December 18, 2008 (PRESSbooth.ORG) -- Reaching retirement age doesn’t mean DIY projects or leisurely gardening time for the UK’s eager entrepreneurs as passion for their businesses keeps them driven well into later life. New research(1) from Alliance & Leicester Commercial Bank shows that nearly a quarter (23%) of small business owners admit to putting off retirement because they enjoy running their business too much and almost one in ten (9%) say they worry how they would fill their days when they do eventually decide to retire. A massive one in five (21%) say they have no plans to retire at all.
Over half (55%) of small business owners plan to work well beyond the age of 65, compared to less than a third (31%) of the working population(2) as a whole. When they do eventually retire, many entrepreneurs expect that their business will go with them, with two fifths (40%) planning to close it down. Only one in five (20%) intend to sell-up and any relatives hoping to cash in on business success will be left disappointed as just 5% plan to hand their empire over to children or other family members.
Steve Jennings, Director Business Management & Strategy at Alliance & Leicester Commercial Bank, said: “The passion and commitment of many of the UK’s entrepreneurs is clearly evident with many of them working well past retirement age.
“The secret of any successful businesses is to take a sensible approach and achieve the right work life balance. Our research shows that many entrepreneurs expect their business to close when they finally decide to retire, highlighting that running their company is a labour of love and not just a job.”
Note to Editors:
(1) The research was undertaken for Alliance & Leicester Commercial Bank by YouGov Plc. Total sample size was 843 business owners with a turnover of less than £1 million. Fieldwork was undertaken between 26th June - 1st July 2008. The survey was carried out online. The figures are unweighted.
(2) CBI / Pertemps Employment Trends Survey – published September 2008
Alliance & Leicester offer a range of services including cheap loans and current accounts.
Alliance & Leicester is now part of the Santander Group, which has more than 150 years' experience in banking, and more branches worldwide than any other international bank. Banks in the Santander Group are committed to serving our customers and helping them make the most of their money. In 2008 Santander won the Euromoney 'Best Global Bank' award.
Photographs of Steve Jennings, Director Business Management & Strategy at Alliance & Leicester Commercial Bank, can be downloaded from www.alliance-leicester-photos.co.uk
(type steve jennings in keyword box) or sent via e-mail on request
Contact:
Alliance & Leicester plc
Carlton Park
Narborough
Leicester LE19 0AL
phone: 0116 200 3385
Email: pressoffice @ alliance-leicester.co.uk
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