Over-50s plan to work longer but feel unsupported
Almost two thirds of the 10.2 million over-50s in work – 6.4 million people – plan to retire later than they thought they would 10 years ago, the study by Aviva found.
But 44% of people aged 50 plus still in work feel unsupported when it comes to their career ambitions and objectives, compared to 25% of those aged 25-34.
Aviva said companies could be missing out when it comes to the skills and experience their older workforce offers.
And with a third of the UK workforce set to be aged over 50 by 2020, the insurance firm said employers risk creating a “disheartened and discouraged” over 50s workforce.
The study found those over 50 are more confident about their ability to keep up at work and their relevant skillset than their younger colleagues.
Lindsey Rix, managing director, savings and retirement at Aviva, said: “Millions of people are facing up to the realities of longer working lives on a daily basis. Working for longer brings opportunities and challenges in many areas of life, which means that supporting staff beyond the age of 50 has to become about much more than just financial planning.
“Our findings suggest that older employees have a lot to offer at work, despite the challenges they face around workplace support. To make the most of this, employers need to provide rounded support for this generation where their wellbeing and work-related needs are considered alongside the financial challenge of saving for retirement.”