When you consider that 1 in 4 people in the UK will be over 65 by 2025, there is a growing need for the industry to consider the target customer and well as the make-up of the workforce…
A record number of people aged 50 and over are in work, according to the latest labour market release from the Office for National Statistics.
The data shows more than 10.3 million over-50s were in employment from September to November 2018.
This represents around 32% of all workers, up from 22% when the records began in 1992, and the highest rate seen so far.
Alistair McQueen, head of savings and retirement at Aviva, said:
“We’ve never seen a population of this age and size in work. They are record breakers.
“However, more must be done by employers to support these record breakers in a fuller working life.”
The statistics show that as people progress through their 50s and into their 60s, employment levels still tend to decrease significantly.
While 9 million people were in work at age 50, this fell to 1.2 million for those aged 65 and over – a decrease that McQueen called a “huge waste of talent, experience and potential”.