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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A means to many ends: experiences of flexible working

Being able to work flexibly can have a hugely positive impact on peoples’ work, and their personal lives too.

Today we’re launched our new report, A Means to Many Ends,  which looks at older workers’ experiences of flexible working, which looks at why 50+ workers want to use flexible working options, how they work in practice, and what barriers people typically face when they try to work flexibly.

What is flexible working?

Although it’s very difficult to define, it’s worth considering what we mean by flexible working. We see it as being a whole range of options, for example flexi-time, working from home or working a four-day week. But crucially it can only be considered flexible when  the individual either instigates changes or personally benefits.

The report finds that older workers want flexibility for a variety of reasons – for example, to meet caring responsibilities, wind down to retirement, or to manage a health condition.

Flexible working is usually very positive, enabling people to remain in employment and make ends meet, balancing personal commitments with work.

And all this is not to mention the benefits for their employers of retaining skilled staff, having a more committed and loyal workforce, or perhaps being able to mentor younger workers.

Despite the benefits too many employers still seem reluctant to even consider flexibility, which is bad news for both parties – to make sure that everyone who wants to work is able to do so, a culture change is needed, with renewed emphasis on the mutual benefits of flexible working.


There are, however, significant barriers to accessing flexible working.

Continue reading “A means to many ends: experiences of flexible working”