#business Record number of older people in work, ONS data says

#business Record number of older people in work, ONS data says

#enterprise Record number of older people in work, ONS data says

Table of Contents

Record number of over-65s are nonetheless in work, official figures present: Almost 1.5million older people delay retirement amid rising price of dwelling

  • Number of over 65s in employment rose by a file 173,000 
  • Total number of over 65s in work now stands at 1.47 million
  • Trend has been largely pushed by a surge in part-time work 

Record numbers of older people are nonetheless in work as the fee of dwelling disaster continues to chew, official data exhibits. 

Between April and June this 12 months, the number of people aged 65 years or over in employment rose by a file 173,000, based on ONS figures.

The whole number of over 65s in work now stands at 1.47 million – the very best stage ever recorded.

Still working: The trend among over 65s has been largely driven by a surge in part-time work, according to the ONS report

Still working: The pattern amongst over 65s has been largely pushed by a surge in part-time work, based on the ONS report

It comes at a time when many Britons are struggling to deal with rising dwelling prices, with UK inflation reaching a 40-year excessive in the summer season. 

The Consumer Prices Index (CPI) rose by 9.4 per cent in the 12 months to June 2022. Inflation has since risen additional and is anticipated to peak round 13 per cent over the approaching months.

Surge in part-time work amongst older people

The enhance in over-65s nonetheless in employment has been largely pushed by a surge in part-time work, based on the ONS report.

Part-time staff over the age of 65 rose by 85,000 between April and June, based on the ONS, while the part-time self-employed rose by 76,000.

Many of these nonetheless working had been due to this fact doing so for comparatively few hours. 

Between April and June, over-65s labored a mean of 21.7 hours per week, down from a mean of 22.3 hours between January and March.

The industries the place casual employment is extra frequent, corresponding to hospitality, arts, and leisure, noticed the most important rise in staff aged over 65.

Working for longer: Between April and June, the number of people aged 65 years and over in employment increased by a record 173,000 on the quarter to 1.47million

Working for longer: Between April and June, the number of people aged 65 years and over in employment elevated by a file 173,000 on the quarter to 1.47million

Part-time: The surge in the number of people aged 65 years and over in employment was largely driven by those working 30 hours and under per week

Part-time: The surge in the number of people aged 65 years and over in employment was largely pushed by these working 30 hours and beneath per week

Becky O’Connor, head of pensions and financial savings on the wealth administration platform interactive investor, mentioned: ‘The file rise in employment amongst over 65s exhibits that actuality is biting for people who would possibly favor to be retired, however cannot afford to surrender work.

‘During the pandemic, when financial savings had been excessive and people had been compelled to remain at dwelling, we noticed many people convey ahead choices to surrender work, as a result of retiring early felt achievable.

‘But now that inflation is rampant and inventory market returns are risky, the tables have turned, the retirement numbers do not fairly add up and older people are taking a sensible method and returning to work in their droves.

‘This would possibly really feel like the tip of retirement goals, however hopefully, for those who do nonetheless wish to cease work altogether at some point, it is a short-term halt to plans, whereas instances are powerful.’

Advertisement

Leave a Comment

adplus-dvertising