Over-50s' confidence falters on being out of work
Pardon the Interruption
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More than half of people aged 50-59 who have stopped work feel their skills and experience are irrelevant, compared with just 15% in that age group who are still working, potentially acting as a barrier to rejoining the workforce.
Stopping work even temporarily significantly dents the confidence over-50s have in the relevance of their skills, new research by provider Aegon shows, covering 900 adult workers and 100 retirees.
Among 50-somethings who are still employed, a greater proportion (57%) feel that their skills and experience are relevant than people aged 18-34 do, where just over half say the same (52%).
The findings come after work and pensions secretary Mel Stride caused a stir on a visit to Deliveroo by saying older people out of work should deliver takeaways, praising the flexibility of gig economy jobs.
Steven Cameron, pensions director at Aegon, said the research highlights a crisis in confidence among people over 50 who have been out of the workforce but want to return to work.
“The fast pace of change, including in the way we work created by the pandemic, has led to this group of individuals in particular feeling detached or closed off from employment opportunities,” said Cameron, arguing that “government and employers need to wake up to this”.
“For some, leaving the workforce may have been a conscious choice. But for many others, it may have been forced upon them by circumstances,” he said.
Cameron noted that “recent government suggestions of seeking out employments more typically undertaken by younger generations may not have met with widespread support. But the underlying message of removing often unconscious ageism from recruitment deserves wider consideration.”
The number of economically inactive people in the UK, which historically has been falling, increased during the Covid-19 pandemic, though it reduced again in April to June 2023 to about 8.7m, or just over a fifth of people aged 16-64. Most notable is a sharp increase in those citing long-term sickness as the reason for not working. The reasons are unclear but are regularly attributed to the availability of healthcare during and since the pandemic, as well as a rise in people suffering from long Covid.
What can be done to help people over 50 rejoin the workforce?
