Category Archives: Employment

General Election Series: Making a (huge) contribution

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This week’s blog from our General Election Series highlights the significant role older people play in society. Our ambition for the next Parliament is a world where everyone can participate in society and be valued for their contribution. 

Older people make a huge contribution to society, going well beyond what is widely recognised. Age UK has previously estimated that all the work, caring and volunteering done by the over 65s adds up to a huge contribution of £61 billion to the economy.

But it’s about far more than just the hard economic value – being able to take an active part in society can make a huge difference to the lives of older people themselves, their friends and relatives, and everyone else too.

It is therefore extremely important that this contribution is fully recognised, and to make sure that barriers preventing people engaging in their community, accessing local services or going online, are tackled, so that everyone who chooses to do so can participate. Continue reading

Are people really ‘over-saving’ for retirement?

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Defining what makes an ‘adequate’ retirement income is always going to be tricky. It’s inherently difficult to know exactly what people’s spending choices and needs are likely to be, or how they will adjust to stopping work.

Add in the changing nature of retirement, where increasing numbers of people are working past their State Pension age, it becomes even harder.

New paper, new ideas?

The Institute for Fiscal Studies (IFS) recently published a paper investigating a new method of looking at retirement incomes. It identifies an ‘optimum’ level of pension saving for each couple household. Instead of income band, this is based on a range of personal circumstances (e.g. number of children) and an
assessment of spending patterns. It then evaluates whether people have saved below, at, above or the ‘optimal’ level required to achieve a comparable standard of living for their retirement. Continue reading

Guest blog – Striking a blow against age discrimination

This blog was contributed by Chris Ball, Chief Executive of TAEN – The Age and Employment Network

1st October – UK Older People’s Day and the UN International Day of Older Persons – saw the launch of a petition against age discrimination in the labour market. With age discrimination in employment made unlawful in the UK since 2006, it may come as a surprise to learn that this is needed, yet age discrimination in the job recruitment process seems to be a common experience.

The idea for the petition – led by TAEN – The Age and Employment Network – came after increasing evidence that age discrimination carries on regardless when people are recruited into new jobs.OlderWomanCallCentre

The problem is that age discrimination in recruitment is very hard to prove. So long as we have not eradicated ageist attitudes these can be expressed in the hidden, sometimes unconscious, always irrational prejudices of recruiters. Continue reading

Age UK’s Economic Tracker: many in their early 50s fear losing their home

Last week Age UK launched the second edition of its Economic Tracker . This addition includes the result of the first wave of a survey we have developed to track older peoples’ views on the economy and their financial situation.

It received quite a lot of coverage in the media, particularly because of the startling statistic the nearly a quarter of people in their early 50s were worried about losing their home as a result of falling behind with mortgage repayments. Like other age groups many older people are suffering a fall in income in the current period of austerity and this is having an impact on their well-being.

  • Over three million people aged 50+ are very worried about the cost of living. This is in the context of rapidly increasing prices for some essential items, especially utilities, which we know have a significant impact on older people’s finances.
  • Only thirty-eight per cent of 50+ say the future looks good for them
  • 35% feel worse off financially compared to last year (see chart below)Pensioner income

Since our first edition, the UK economy and economic policy have given us food for thought. There are concerns, disappointments, and one or two silver linings. As our polling data suggests the economic situation is particularly worrying for many of those approaching retirement, tomorrow’s pensioners, who find it more difficult to find a job following redundancy. Our analysis has found that older workers are more likely to be made redundant when compared to those aged between 24 – 49. This translates into higher proportions of older unemployed workers being out of work for longer. Forty-seven per cent of unemployed people aged 50 – 64 have been out of work for 12 months or more compared to thirty-seven per cent of people aged between 25 and 49. The situation of older people is not as bad as those between 16 – 24, but it is important to highlight that all ages are struggling in these tough economic times.

Quite rightly there is a lot of attention on the young unemployed at the moment, but we must ensure that those over 50 are not forgotten. More can be done by the Government and employers to recognise the value of workers over 50 (the experience and skills that come with a longer working life), provide more training and learning for those in later life, and do more to eliminate the ageism that too often occurs in workplaces.

Read more about the impact of the economy on the financial well-being of older people 

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