‘Silver Spenders’: The number of people over the age of 50 in the workforce has reached a nine-year high.
According to a survey, the number of over-50s in the employment is likely to hit a new high in nine years. So-called “silver spenders” claim to be holding on to their careers in order to support better lifestyles and because they are fitter and love their occupations more than previous generations.
According to research, nearly half of older employees will be employed during the next decade, compared to less than a third in 1992.
The figure has climbed by 36% in the last 20 years, according to Andrew Kail, CEO of Legal & General Retail Retirement, whose firm collaborated on the analysis with the Centre for Economics and Business Research.
It demonstrated a “major cultural shift” in the workplace, he said.
“People are working longer not only to achieve their preferred retirement lifestyle, but also as a result of changes in wealth, state pension provision, and the reality that we are living longer as a society,” he said.
“As a result, people will face a considerably higher barrier to cross in order to fully retire.
“The days of ‘carriageclock retirement’ are over, and we need to make sure people understand the ramifications so they can properly prepare for their future and the role work will play in it.”
The Office for National Statistics said this week that older adults will continue to postpone retirement if they can work from home. According to an ONS survey, 11 percent of over-50s who work from home want to retire later, compared to 5% of those who have to go to work.
A permanent move to remote working, according to the agency, might help the economy by bringing more older people into the workforce. It was projected that the GDP would grow by £88 billion if the employment rate of individuals aged 50 to 64 matched that of those aged 35 to 49.
“This could be because those who work from home are less exposed to illnesses,” an ONS spokesman said. Also, people who work from home are more likely to feel able to work while they are sick than those who commute to work.”
Three quarters of over-50s who work from home felt they achieve more, according to the report.