· Analysis shows declining job satisfaction in the lead up to the pandemic was a key reason for people in their 50s to leave the workforce
· Nearly six in 10 (59%) people in their 50s feel older workers are being left behind by employers
· Over a third (34%) of workers in their 50s said their job was unfulfilling
· People in their early 50s were more likely than older age groups to respond to improvements in practices and policy interventions designed to encourage them to return to work
Research from Phoenix Group’s longevity think tank Phoenix Insights found job satisfaction was a key reason why people in their 50s left the workforce during the coronavirus pandemic.
The proportion of economically inactive 50-64 year olds increased significantly during that period peaking in May-July 2022 at 27.7%, and has remained high in the post-pandemic labour market. Prior to the pandemic, economic inactivity among 50-64 year olds had reached a record low of 25.2%, having reduced every year since the mid-1990s.
The research analysed annual job satisfaction data from 2009/10 to 2020/21 and found those leaving the workforce in their 50s during the pandemic experienced declining satisfaction in the years running up to their departure, well before state pension age. In contrast, job satisfaction was increasing slightly for those who chose to remain in work.
Phoenix Insights’ polling of 1,000 people over 50 and additional focus group research supported these findings. 59% of people in their 50s said older workers are being left behind by employers, and a further 34% of the same age group who were still working said they were not fulfilled by their job.
Participants in the focus groups said they enjoyed their work earlier in their careers, but experiences in the workplace became increasingly negative with age.
