Surge in over-50s economically inactive in last three years, research shows
More than 700,000 additional people aged over 50 are economically inactive compared with three years ago, according to new research.
An analysis of official data by Rest Less, which offers advice to older people, found there are almost 14.6 million economically inactive people aged 50 and older, which it said is a record.
By comparison, the number of older people classed as economically active has not grown and now stands at 10,846,000 compared with 10,845,000 three years ago, said the report.
Stuart Lewis, founder of Rest Less, said: “We know that there was an exodus of people in their 50s and 60s from the workforce as a result of the pandemic.
“Our latest analysis shows that there are an additional 712,000 economically inactive people aged 50 and older compared with three years ago – a shocking increase which reverses a decades-long trend of employment growth amongst this demographic and highlights the long-term scarring of the pandemic on this portion of the workforce.
“With the cost-of-living crisis biting hard and significant volatility in financial markets impacting pension savings, we are hearing more and more from our members about their plans to delay retirement or return to work and ‘unretire’ in some capacity.
“Amidst a widespread talent shortage, this presents an opportunity for businesses struggling with staff shortages to entice experience and talent back to work. Recent reports suggest the hospitality sector has already woken up to the benefits of hiring an older workforce and we are beginning to see other industries follow suit.
“For organisations who haven’t already done so, HR policies, support packages and diversity and equality strategies need to be adjusted with specific sensitivity to the needs of workers of all ages to ensure they have the support they need to return to work.”Published: by Radio NewsHub