Catherine Foot, Director of Phoenix Insights, Phoenix Group’s longevity think tank comments on the latest ONS data:
She said: “It is positive to see the numbers of hours worked across the economy returning towards pre-pandemic levels, despite the overall fall in hours worked between 1998 and 2022*. However, we know that a large portion of the population aged 50 and above that fell out of work during the pandemic have failed to return to the labour force.
“Increasing employment amongst this population has been a critical challenge the UK economy has faced since the pandemic. Reversing this trend will contribute to increasing average hours worked across the UK and help grow GDP over the coming years.
“As longer lives become more commonplace, a key part of this process will be adapting our workplace habits to accommodate over 50s and encourage them to stay in work for as long as they need to build sufficient retirement wealth to reduce the pension savings gap and retire comfortably.
“Our research shows that various barriers impact the ability of more over 50s to stay in the workforce for as long as they desire or need. Job satisfaction is very low across this cohort, with over half (55%)** feeling employers routinely leave them behind. At the same time, one in four** lacks confidence in their ability to secure work and are worried that ill health, discrimination or the wrong skills will stop them from earning and saving what they need for later life.
“Employers can and should be doing more to support and attract these workers back to work. Phoenix Insights’ research has shown that two-thirds (64%)*** of over 50s feel that flexible working hours would help them remain in the workplace for longer, with over half (54%)*** also citing the ability to work remotely. Therefore, we encourage employers to promote flexible working patterns and support staff with caring responsibilities, age-friendly recruitment practices, and investmentin lifelong learning, all of which can make a difference in enabling workers over 50 to stay in and return to work for as long as they need.”
