Over 50s Looking To Retire Later

Barclays recently launched of a new apprenticeship scheme for over 50s, offering older workers the chance to start a new career in banking. Furthermore, two more companies alongside Barclays have launched older workers apprenticeships. Providing older workers the ability to embark in a new career path.

Following the launch of these new schemes, research by MetLife, found that 63 per cent of over-50s would consider retraining to stay in work longer.

According to the research, Flexibility in retirement – planning for change, 50 per cent of those over 50 would think about learning new skills to continue in full- or part-time employment.

71 per cent said they would like to continue working after current traditional retirement ages. When asked why they wouldn’t be retiring 30 per cent said they would miss the social interaction that work provides, 29 per cent feel work gives them a sense of purpose and 23 per cent say they enjoy working and don’t feel ready to retire. However, some believe it’s a case of necessity because 55 per cent were not financially prepared for retirement.

The announcement of the Barclays scheme ties in with new findings from Business in the Community which found that that people over the age of 50 have a higher chance of becoming permanently jobless compared to younger people.

Business in the Community’s Rachael Saunders, Director of Age and Intergenerational Workplaces, said: “This latest research clearly shows that if you’re over 50 and out of work, you are a lot less likely to get back into employment, especially compared to your younger peers. This is a sorry state of affairs.  Not only are hard-working and highly skilled over 50s workers unfairly punished but we as a country also lose out.

“Urgent action is needed if we are going to reverse this situation and we will continue to work with Government, business and local communities to keep people over 50 in work, and improve the prospects of marginalised and under-used over 50s workers.”

Dr Ros Altmann CBE, the Government’s new Older Workers’ Business Champion, said: “Businesses across the country are waking up to the potential of older workers – as the over 50s become the fast-growing section of society. But there is more to do to end the outdated and inaccurate perceptions that can hold them back.

“Millions of over 50s are now looking to retire later – as working later in life becomes the new norm – so it is essential to ensure their skills are kept up to date, and there is support for them to even take on a new career to make the most of their energy and experience.”

Mike Sandiford
Head of Partnerships
0207 193 9931

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