Record Number Of Over 50s In Work
Aviva have published figures showing that employees over 50 are on track to become the largest segment of the workforce by 2024.
A total of 9.67 million people over 50 are currently employed in the U.K., making up 31% of the workforce. The most recent figures show that this age group is rising at a record pace since 1992, when data began to be kept and when the over 50s made up just 21% of those employed.
Trend Set To Continue
Aviva believe that by 2018, the number will reach 10 million for the first time and account for 1 in 3 workers by 2024.
Alistair McQueen, savings and retirement manager at Aviva predicts that “over 50s will become the leading group of workers within the decade”.
Changing Attitudes Towards Planning For Retirement
As life expectancy and with it the cost of living post-retirement increases, pension-aged people must rely on both saving more of their earnings to put towards retirement and working longer to acquire more money.
Mr McQueen states, “for many, the best response will be a mix of the two. Auto-enrolment into workplace pensions encourages us to save more, and more than 6 million new pension savers have joined the system since it was introduced in 2012.”
Retirees Under 65 Becoming Increasingly Rare
Mr McQueen adds that “ the idea of ‘early retirement’ would be relegated to the dustbin of history if recent trends continued”. If the decline in early retirees were to be maintained at its current rate, it would take until 2029 for there to be no people aged between 16 and 64 classified as ‘retired’.
In 2011, a peak of 1.6 million 16-64 year old’s were classed as being retired. The number has since fallen to 1.2 million in 2016.
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