The State of Ageing in 2020

The State of Ageing in 2020 is an online report from the Centre for Aging Better, capturing a snapshot of ageing today and considering our future prospects.

The over 50s make up a significant and growing proportion of the workforce: a third of all workers are over 50.

The employment gap between people over and under 50 years old has been steadily narrowing over the last 20 years. Nevertheless, in 2019, there were around 800,000 people aged 50 to State Pension Age who were not in work but wanted to be. Since October 2020, both men and women are only able to claim their state pensions after their 66th birthday. Yet by the time they are 65, the majority of people are out of work.

The Coronavirus pandemic risks halting – or even reversing – the gains which have been made in the employment of over 50s in the last 20 years, and deepening the struggles of those already out of work. The youngest and oldest workers were the most likely to be furloughed, and are thus the most at risk of losing their jobs now the Coronavirus Job Retention Scheme has wound down.

Historical evidence – from both the last recession, and pre-COVID-19 – gives us an indication of what comes next. Younger workers are likely to be the hardest hit in terms of job losses, but people aged 50 and over who do lose their job will struggle the most to return to work, and are at greater risk of becoming long-term unemployed. It is vital that the government provides targeted and personalised support needed by people in their 50s and 60s to stay, and thrive, in work.

Read the report here.