General Insurance Article - Over 50s are driving employment figures to record highs

Alistair McQueen, Head of Savings & Retirement at Aviva comments on the UK labour market statistics.

 “Today’s official figures report a record 32.6 million people in work in the UK.

 “Credit must go to the over-50s who are at the forefront of this increase. Over the past year, the total number of people in work in the UK has increased by 444,000. Seven in ten (70%) of these workers are aged 50 and over. There are now a record 10.4 million workers in the UK aged 50 and over. Aviva estimate that this age group will represent more than one-in-three workers in the UK in the coming decade.

 “The number of people who define themselves as “retired” before the age of 65 is falling – down 39,000 in the past year. The number of women who define themselves as “retired” before the age of 65 is at a record low of 642,000.

 For many, an ‘early retirement’ is increasingly a thing of the past as we look to fund longer retirements, while many continue to enjoy the satisfaction work can bring.

 Alistair McQueen, Head of Savings & Retirement at Aviva“There is a need for employers to support their growing army of older workers. For example, Aviva is introducing Mid-Life-MOTs for its workers aged 45 and above – helping them consider their longer-term wealth, work and wellbeing plans. In our ageing society, age must be no barrier to opportunity at work”.

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