The creative field is often thought to be one reserved for the youthful and energetic. For seasoned professionals looking to explore freelancing as an alternative income stream or more flexible way of working, it can be intimidating to go up against talented competitors who are in their supposed prime.
But how much truth are these fears rooted in, or is the phrase ‘You can’t teach an old dog new tricks’ simply a myth?
According to data released by the Ministry of Manpower, salaries do indeed decline after the age of 45, with median monthly income dipping slightly from $6,825 for the 40 to 44 age group to $6,581 in the 46 to 49 age group. Unfortunately, this trend continues as individuals age, reaching $2,621 for individuals aged 60 & over.
The interesting thing to note, however, is that employment does not dip as dramatically with age. According to a report by The Business Times, unemployment rates for Singapore residents in their 50s sat at 3.0 during the Covid-19 period, which was equivalent to that of the overall resident rate. For residents aged 60 and over, unemployment was only slightly higher at 3.2.
While data on mature self-employed workers in Singapore is scarce, research in European regions shows that older workers are venturing out on their own more and more. In the UK, for example, 48% of self-employed workers are aged over 50. Across Europe, the portion of self-employed individuals even goes up with age, at 39% for those aged 65-69 and 52% for those aged 70-74.
This does make sense if you think about it. Older workers are more likely to have accumulated some capital for business investment at their advanced age, and will likely have the experience, knowledge, and network necessary to pull in higher earnings on their own versus being hired under a company.
For older workers who are able to tap into their strengths, self-employment and freelancing may actually turn out to be the more lucrative and sensible option.
If you’re still doubtful, perhaps science can convince you. Conventional wisdom tells us that mature individuals learn slower because they possess less neuroplasticity. However, recent studies are showing more and more individuals who have managed to defy the olds:
Furthermore, these individuals may actually be the rule, not the exception. A study at the University of North Carolina showed that adults over age 60 tend to underestimate their own memories. Constant cross-referencing among older participants was found to be correlated to a lack of confidence — not lack of knowledge. In other words, the older folk knew the answers already!
Another recent study further proved this theory when participants aged 58 to 86 years old were found to have cognitive abilities similar to those 50 years younger than themselves after learning three new skills for six hours each week.
It’s no secret that freelancing is all about networking. After all, you’re far more likely to land a gig from a previous company whom you’ve already proven your worth to versus a client who has no idea who you are. As an older individual, you can probably reach out to old contacts to build a sizable client base before kickstarting your marketing strategy. Younger freelancers who are straight out of school, however, will have to cover much more ground through cold-emailing and other self-promotional efforts. You can take full advantage of this by getting references from old contacts to build up a portfolio that inspires confidence.
With all that being said, times are tough, and there’s no guarantee that your old contacts will have jobs ready for you right now even if you reach out to them. If that’s what you’re facing at the moment, know that all is far from lost. Today’s business landscape is filled with a wealth of valuable resources for older workers to tap into. Here are some to get you started
Freelancing 101 is a hybrid learning platform designed to help freelancers of all ages discover their unique niche within the creative market and land their first gigs. Formulated by the stalwart creative freelancing agency CreativesAtWork, Freelancing 101 features a curated curriculum that provides answers to all the common difficulties that new freelancers face while finding their feet.
The program is even designed to suit learners of all types. Whether you prefer to obtain your knowledge from videos, podcasts, or in-person events, you’ll definitely find something for you here. Take a sneak peek into Freelancing 101 for a glimpse into how far a career in freelancing can take you!
Sometimes, the best creative visions need a little push to get off the ground. Through BRIDGE Freelancer Edition, creators with an exceptional vision can receive up to $10,000 in funding to purchase equipment, programmes, and even hire workers to make their dreams a reality. Projects that have the best chance to qualify will feature the following:
A lot of freelance work is conducted remotely, but we understand that some workers prefer to have a dedicated, physical space that helps them get in the zone. That’s why we’ve curated a CoWorking space for all members of Freelancer Nation, strategically located between the Orchard Road shopping belt and Central Business District, just one minute away from Dhoby Ghaut MRT. Not only are you provided with the essentials — desk, WiFi, electricity plug, and refreshments, you may even get access to editing software and studio equipment depending on the types of projects you’re working on.
The world of freelancing can be a daunting one, especially with the surge of AI and swathes of up-and-coming talent. But you don’t have to go through this journey alone. Join the Freelancer Nation network and receive guidance from seasoned professionals every step of the way. If you’re still undecided, stay informed to the latest happenings in the freelancing space by subscribing to our monthly newsletter. An exciting new chapter of work awaits!
