Investment - Articles - Over 50s workforce exit risks putting the brakes on growth

 "Our new analysis shows that over-50s make up almost a third of the workforce in the key sectors identified by the government in its Industrial Strategy and in some, the share is far higher*. Just within these eight sectors** we have 3.4 million workers aged over 50 and 450,000 over 65s.

 “These sectors are not just ageing – they are losing talent. Every year, 440,000 workers over 50 leave these industries early, often due to ill health or a lack of support. Each and every one of these sectors has a higher than average rate of early retirement than the wider economy. That’s costing the UK economy a staggering £31 billion in lost output annually.

 “The UK’s economic future will be driven by these high-growth sectors but relies heavily on the experience of over 50s – yet we’re at risk of letting them slip away. If we don’t act now to help them stay in work, we risk stalling growth before we’ve even switched on the engine.

 “Supporting longer working lives isn’t just smart economics – it’s essential for a fairer, more resilient society in which people can work for as long as they want or need to in order to save for a decent quality of life in retirement.”