Research shows that finance is the main concern for people over 50

Research shows that finance is the main concern for people over 50

The workforce in the UK is changing. By 2020 1 in 3 workers will be over 50, and by 2030 half of all adults in the UK will be over 50. This brings with it societal challenges and opportunities. As the average life expectancy increases and people are living later in life it is important that we have enough income to live comfortably and can participate fully in society.

Age at Work is supported by the National Lottery Community Fund and is jointly led by Age NI and Business in the Community Northern Ireland. Age at Work supports people aged 50+ to remain or return to work in order to help them have enough income, stay connected and have a fuller working life.

What the research says

An extensive piece of research carried out on behalf of the Age at Work project found that the main concern for people over the age of 50 is finance. Finances are central when thinking about working life after 50. Life decisions such as changing jobs, taking a promotion, working less or the age you want to retire are all built upon the foundation of financial clarity.

More support is needed to give a greater understanding of pensions and savings when preparing financially for later life. Many people find that pensions are confusing and daunting or feel it is too late to seek advice and guidance on the subject. People over 50 may feel vulnerable when it comes to money because they believe there no time to rectify previous mistakes, but it is never too late to seek financial support.

Get Involved in Age at Work

Age at Work provides support to both individuals and businesses to help address the key issues that concern people preparing for later life. The key objectives are Recruitment, Retention and Retraining and the Age at Work project offers a range of innovative tools and services to support individuals.

The Age-Inclusive Toolkit is a document that provides extensive information for individuals on a range of areas that concern older people, including wealth. The wealth section provides information on pensions, savings, budgeting and relevant contact information on how to obtain further information and advice. Other key areas include Health, Work and Balance.

Mid-Career Reviews are available, carried out by Age NI on an individual and group work basis. This activity is an assessment for people seeking a refresh of their current role and prospects, and focuses on areas such as financial planning, providing information and signposting. The Mid-Career Review aims to increase confidence, skills and opportunities to help individuals remain in work to enjoy a fuller working life.

The Still Ready for Work programme provides training, pre-employment workshops and support for people aged 50+ who are not currently in employment or seeking a change of career.

For further information on Age at Work, or to access the resources above, please visit http://www.bitcni.org.uk/programmes/age-at-work