A new report has shown that the reason for so many people in their 50s retiring recently was due to declining job satisfaction in the lead-up to the pandemic.
The Phoenix Group research found that 34% of workers in their 50s said that their job was unfulfilling and another 59% said they feel older workers are being left behind by employers.
Commenting on the findings, Phoenix Group’s Catherine Foot, Director of Phoenix Insights, said, “Huge numbers of people in their 50s dropped out of work during and immediately after the coronavirus pandemic and our research suggests job dissatisfaction played a big part in this.
“While some over-50s have returned to work over the last year, the pace of return has been slow with many remaining dissatisfied or facing barriers and insufficient support to re-enter the workforce.”
Catherine added, “Good quality, satisfying jobs matter to people of all ages. For those over 50, we know that it’s particularly important that jobs provide flexibility, support for people with caring responsibilities and health conditions, and opportunities to develop skills.
“We also know from our research how crucial it is that businesses tackle what can be quite subtle but deeply ingrained ageism in their recruitment process.
“Ensuring people remain in good work later in life can be hugely beneficial for an individual’s finances and wellbeing, and with labour shortages still a major issue in our economy, it is also a key element to boosting the UK’s post-pandemic productivity and economic growth for the years ahead.”
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