NEW data has revealed that far from being ready to retire, many over 50s and 60s are proving its never too late to fulfil ambitions of becoming your own boss.

Barclays data reveals that nationally there has been a 140 per cent increase in the number of business owners aged 65 and over in the last decade - the fastest-growing age group.

Over the same 10 year period, businesses run by those aged 25 to 34-year-olds grew by a much more modest 23 per cent - challenging the presumption that the world of start-ups is dominated by those in their 20s.

The trend has led to the age group being given their own name - olderpreneurs.

The West Midlands region, including Worcestershire, is one of the top regions with the fastest growing number of business owners aged 55 plus - growing 53 per cent.

This is still behind some other areas of the country though, including London where this figure has grown by a staggering 89 per cent.

Barclays also estimate that start-up businesses set up by those aged 55 and over in 2015, contributed over £7 billion to the UK economy in 2016.

Liz Earle, entrepreneurial business adviser for Barclays, said: "The older generation adds so much value to the workplace in any context, bringing a wealth of experience and industry contacts to the table.

"I’m not surprised to see so many budding entrepreneurs of my generation, but it’s great to see them taking the plunge in later life, rather than feeling it’s too late.”

Ian Rand, CEO of Barclays Business Banking, added: “It is fascinating to see this new emerging trend of ‘older’ entrepreneurs.

"At a time when they could be planning for retirement, the over-55s are utilising their skills by putting their wealth of experience and business knowledge to use, breaking down stereotypes in the process."

"Working with Liz brings a fresh perspective to the needs of the over 50s in business."