Older workers feel unsupported by their employers, despite estimates that a third of the UK workforce will be aged over 50 by 2020
Almost two-thirds (63%) of workers aged over 50 in the UK are planning to retire later than they thought they would 10 years ago, according to research from Aviva.
Many of them are extending their working lives because of the rising cost of living (40%) and insufficient pension savings (38%
Despite these plans to carry on working longer, 44% feel unsupported by their employers when it comes to their career ambitions and objectives, compared to just 25% of 25- to 34-year-olds who feel this way.
Progress has also been slow in helping older employees adapt to a longer working life. Factors, such as the ability to work flexitime, have only increased slightly from 12% in 2012 to 14% in 2018. Meanwhile access to other forms of workplace support – including guidance on retirement finances – has remained static.
The research highlighted the benefits of supporting an ageing workforce. For older workers who do have access to support, three-quarters (75%) agree it was useful, with a fifth (21%) stating workplace support played an important role in their later-life planning.
When asked what form of support they would find useful from their employer, 14% said the ability to reduce working hours or flexitime; 9% said written literature on the financial issues surrounding retirement; 11% said free, independent financial advice; and 6% said a dedicated staff member to talk to about the issues. Read more