Survey reveals bleak picture for workers aged 50 and over
A survey conducted by Help the Aged and Age Concern charity revealed that over half of workers over 50 may need to postpone their retirement since their savings and pensions have been hit by the economic downturn.
While mortgage borrowers have benefited due to record low interest rates, savers have been hit, while pension funds have been rocked by severe falls in the stock market.
According to the survey, 60% of the 943 respondents questioned said their retirement hangs in the balance, while over a quarter of workers over 50 are worried about being forced out of their jobs as a result of their age, if their employer reduced headcount.
The latest figures from the Office for National Statistics show that the number of unemployed people aged 50 or over has soared by 47% in the last 12 months.
Michelle Mitchell, charity director for both Age Concern and Help the Aged, comments: “These figures paint an extremely bleak picture for millions of over 50s whose working lives are at risk of being cut short by the recession.”
“Those who do lose their jobs will face significant obstacles to getting back into work, leaving them financially vulnerable as they approach retirement. “For many over 50s, one of the lasting legacies of this recession will be a retirement blighted by poverty“, adds Ms Mitchell.
Both organisations are calling on the Government for action to help this group of people through the recession.