Common challenges facing the over 50’s group:
- Poor health and caring responsibilities – These are two of the major factors that push older people out of the labour market. Data (ONS Labour Force Survey 2014) shows that over 8% of all people employed in the 60-64 age bracket are working over 45 hours per week while also experiencing a health problem which has lasted (or is expected to last) for more than 12 months. Working long hours while also suffering from ill health is likely to be a particularly powerful combination to drag people out of work. (ONS)
3. Financial pressure – Pension issues and greater financial pressures to remain in work in order to keep saving for later life.
4. Up-to-date IT skills – Even though it’s impossible to generalise about age and IT skills, nevertheless, this is an issue for many over-50’s, which can hamper employment prospects if left unresolved by training
5. Underemployment – Large numbers of workers want to increase their hours and are willing to do so without any increase in their hourly wage rate. However, their employers are unwilling or unable to offer the extra hours
6. Overemployment – There is a peak between 55 to 64 where over 35% would like to work fewer hours and, perhaps most tellingly, over 15% would like to work fewer hours even if it meant less money. This suggests that there may be a cohort of older workers who are locked into working long hours, and whose preference for additional flexibility is not being met by their employer. (ONS Labour Force Survey 2014)