A recent poll conducted by Age UK, has revealed thousands of people in their early 50’s could be facing financial difficulties, at a time when they traditionally should be at the peak of their earnings power.
Age UK has revealed that 23% of the 971 people who took part in the survey, admitted fears that they wouldn’t be able to afford their rent or mortgage repayments. As times are getting harder for many and the cost of living rises, more over 50’s are working until a later age, just to get by.
On the other hand, 38% of over 50’s have claimed their future looks bright.
Michelle Mitchell, Age UK Charity Director General, said: “We know that times are tough financially, but when a significant number of people aged 50 and over say they are worried about losing their homes, it’s a clear sign that many are truly struggling to keep their heads above water.”
“While all sorts of factors may be at play, we know that too many older people currently find themselves locked out of the job market just because of their age.”
She concluded: “With the state pension age rising to 67 by 2028, it’s more important than ever that the Government, employers and recruiters ensure that people looking for work are judged on their skills, expertise and what they can bring to a job, not just their birth date, enabling them to continue to contribute to the economy and build up to a financially secure retirement.”(Source: Age UK)
Age UK believe these figures should cause concern for the next generation of pensioners, with the over 50’s finding it harder to get a job and are more likely to be made redundant than younger workers.
The survey revealed:
- People over the age of 50 are twice as likely to be made redundant than workers aged between 29 and 49
- The over 50’s find it harder than any other age group to get reemployed
- Nearly 50% of men and women aged between 50 and 64 who are unemployed, have been so for over a year
However, those who have already retired are also finding life tough, having been hit by a fall in savings rates, as a result of government’s Funding for Lending scheme, rising inflation, stock market volatility and falling Annuity rates.
It isn’t all bad news for older generations though, as it was revealed in the latest Institute for Fiscal Studies (IFS) report, the annual income forthose over 50 has actually risen since 2008.