New data released by the ONS yesterday shows that many older workers who left employment during the COVID-19 pandemic would return to boost their financial position.
Dr Emily Andrews, Deputy Director for Work at the Centre for Ageing Better, highlights that greater support is needed from employers and government to make this possible.
New statistics released by the ONS yesterday shows that many older workers who left work during the pandemic would consider coming back. Far from enjoying a comfortable retirement, many in this group are lacking financial resilience – and will need support to return to work.
Over half of 50-65s who left work since the start of the pandemic and have not yet returned would consider coming back. Most of them are in their 50s – but four in 10 are age 60-65.
The cost-of-livnig crisis
As the cost-of-living crisis mounts, finances are cited as the key factor driving older workers’ plans. 400,000 50-65s who left during the pandemic and are considering coming back said they would do so for the money – the most frequently cited reason.
Despite popular images of wealthy baby boomers, many people in this age group are not financially resilient – and it is this group who are considering returning to work. 50-65s considering returning are less likely to be able to afford an unexpected expense than those who are not, and more likely to be renting or paying a mortgage.
However, the survey also makes clear the challenges this group will face. Previous releases showed that 30 percent of older workers who left during the pandemic said they had faced age discrimination in the jobs market.
Returning to work
Older workers with a health condition who left during the pandemic are less likely to have returned to the workforce than those without one. Of 50-65s considering a return to work, those with a health condition are more likely to have left involuntarily in the first place. To come back they say they need job security and work that suits their level of health.
Women also face particular challenges, being twice as likely as men to have left work due to a caring responsibility.
The data also highlights the longer-term problem that stress poses to the UK labour market. Stress was the number one reason given by 50-54s for having left work during the pandemic.
The Centre for Ageing Better is calling on employers to sign its Age-friendly Employer Pledge and show they value older workers, whose experience could provide a welcome boost as the country faces labour and skills shortages. By signing the pledge, employers commit to improving work their recruitment, retention and development of workers over 50.
Dr Emily Andrews, Deputy Director for Work at the Centre for Ageing Better, said:
“Today’s data shows that, beneath the comforting narrative of a Great Unretirement, lies a much more challenging picture of people struggling in the labour market who need support.
“Employment rates among 50-64s are starting to rise – slightly. But far from having ‘unretired’, today’s data shows that those who have now returned to work are more likely to have left involuntarily, not due to a positive retirement choice.
“The mounting cost-of-living crisis shows that many more may wish to follow them: over 400,000 50-65s say they would consider returning to work for the money. And today’s data shows that it is the less financially resilient groups who are considering coming back.
“But will they be able to? We need to see proactive action from the Government to reach out and engage older workers in job seeking, and a clear message to employers that older workers are good for productivity, and multigenerational workforces are good for innovation. We have developed an Age-friendly Employer Pledge that will help businesses to make their workplaces more age-inclusive and take advantage of all the benefits older workers have to offer.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
