The number of older people establishing their own enterprises is increasing, Prime stated in recent days.

Ian Stobie, marketing and research officer for the older people's support organisation, explained that some individuals are getting into business because they require the money that such a venture can bring.

He noted that others have always wanted to launch their own enterprise and as they enter their senior years they find they have more time to commit to such an activity.

Mr Stobie added that the larger number of older people who engage in entrepreneurial pursuits is partly due to the baby-boomer cohort becoming larger.

"The age group itself is getting bigger, it's a demographics factor. People from the baby-boom - from 1945 to 1960-ish - are currently in the 50 to 65 age group, so that lot are all going through," he concluded.

Research by Prime conducted last year found that personal services, health and social care were among the most popular areas for older people considering starting up their own business.