PEOPLE over the age of 50 are starting a record number of businesses according to a survey from Barclays.

The retired are capitalising on their experience to re-enter the world of work - but are doing so on their own terms.

In the Barclays report Third Age Entrepreneurs-Profiting From Exper-ience, older entrepreneurs are shown to be responsible for 50% more business start-ups than ten years ago, starting an estimated 60,000 new businesses in 2000.

According to the report the 'third age' people also work harder with 49% working an average of 36 hours or more each week. However, they also rate holidays, lack of stress and a balance between work and home life more highly than their counterparts starting in business when aged under 50.

Only 27% run the business as the only source of income, with 51% supplementing a pension. Other key finds in the report, which sampled 473 business nationally with a turnover of less than £1m each, were:

Third age start-ups account for an estimated 15% of all new businesses.

The average turnover of a business started by a third age entrepreneur is £70,000 compared to the national average of £104,000 for those aged under 50.

Third age entrepreneurs are three times more likely to be male than female.

Nearly 35% of third agers started their businesses because of retirement, redundancy or dissatisfaction with their previous job.

Mike Rogers, Barclays managing director of small business and start-ups, said: "What we are seeing today is a demographic shift as people who previously thought their working lives were over are choosing to re-enter the work place as their own boss.

"Their experience and knowledge will be a valuable driver for the enterprise economy. The approach of the older entrepreneurs to running their own business differs greatly to those under fifty when starting in business with the desire to be their own boss or turn a hobby into a career among key motivations."

See www.smallbusiness.barclays.co.uk for the research.