For decades now, people have worked well into their 50s or longer. The pandemic has reversed this trend and caused employment numbers to plummet. This has been attributed to several different factors. The UK’s Office for National Statistics (ONS) reported that health concerns and new work patterns were causing older workers to revaluate their life choices. Specifically, their careers. It is estimated that close to a fifth of workers between the ages of 50 and 59 attribute quitting their jobs to mental health issues. A sixth said they were seeking a lifestyle change. Â
The ONS data shows that three in five workers over the age of 50 left their jobs earlier than they had planned since the start of the pandemic. Apparently, 15% attribute their resignations or early retirements to COVID-19 and 13% to either disability or illness.
Many are referring to this mass exodus as The Great Resignation. Individuals who do want to return to work may now be looking for more flexible working conditions. These include providing employees with the ability to work remotely and making changes to their hourly requirements to accommodate other personal responsibilities. Experts are arguing that companies must take this more flexible approach. It encourages employment and ensures they are not contributing to forcing older people out of their roles. Of course, though, new working conditions may not be sufficient in gaining back the one in six over-50s who lost their jobs during the pandemic. Â
Fortunately, unemployment in the UK has dropped from the 5.2% pandemic-high to now 4.1%. As of January of this year, the EU’s unemployment rate was at 6.2%, with Czech Republic having the lowest rate and Greece having the highest. This is an improvement from January 2021, where employment had reached 7.5%. Â
It is because of instances like this that it pays to start planning early. Private Client Consultancy can help make your money work for you. Contact us today. Â