Figures from the Office for National Statistics (ONS) show 302 in every 1,000 adults employed during the first eight months of 2015 were aged 50 or over.

This is compared to just 213 adults in every 1,000 employed in early 1992, representing an increase of 42%, the insurer Aviva said.

The number of over-65s in work has grown by 33% since the Default Retirement Age ended in 2011 – the fastest growth rate of any age group.

The second fastest growth rate (11%) was among 50-64s, which suggests the number of working over-65s will continue to rise in the years ahead.

Research by Aviva, which has tracked personal finances among over-55s since 2010, suggests this period of growing employment has contributed to an upturn in many people’s financial fortunes in later life.

Average monthly incomes have risen 26% from £1,091 in the third quarter of 2011 to £1,376 in the second quarter of 2015, while typical saving and investment pots have more than doubled from £7,969 to £17,590.

At the same time, average debt among the over-55s has dropped across various types of unsecured borrowing. Credit card debt has fallen by 15% from £916 in Q3 2011 to £775 in Q2 2015, while personal loans have reduced 25% from £677 to £509 and overdrafts have dropped 40% from £157 to £94.

Clive Bolton, managing director, retirement solutions at Aviva UK Life, said:“With more over 50s in the workforce and with people living longer, it’s important that employers really consider how to get the most out of their more experienced employees. There is no mistaking the fact that the over-50s have been a major contributor in the growth of UK employment since the recession. Four years on from the end of the Default Retirement Age, many people’s careers have been extended into what past generations would once have considered uncharted territory.

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