A staggering statistic recently caught my attention - there are 1.99 million people aged 50-64 who’re out of work and claiming benefits. This has grown 43% from 1.4 million just before the COVID-19 pandemic in 2020.
This sharp rise in unemployment among older workers is deeply concerning. The Midlife Mission report shows much of this is down to health-related exits from employment. In the last 10 years, the number of economically inactive 50-to-64-year-olds with long-term sickness rose by 21%.
I co-founded and run Startup School for Seniors, an online programme supporting business owners over 50. And this trend is both unsurprising and troubling. Over the past two years, we’ve seen more participants with chronic health conditions and neurodiversity, such as ADHD. Many left their jobs due to lack of workplace support - finding it impossible to juggle doctor’s appointments with their roles. One of our participants was expected to work from the office alongside their chemotherapy treatments. These are talented, motivated people who want to work but find the job market stacked against them.
Two key issues stand out for over 50s trying to rejoin the workforce - a mismatch between skills and demand and a lack of support.
Mismatch between skills and demand
Many over 50s have expertise in fields where job opportunities are scarce. Unfortunately, they’re often not supported in adapting their skills to industries that are hiring. There’s also a persistent stereotype that older workers can’t adopt new technologies. This couldn’t be further from the truth. New technology is easier to use than ever. My experience is that, with a little encouragement, older people enjoy the opportunities that come with using it.
Co-Founder of Startup School for Seniors, Suzanne Noble says: “I think there’s this assumption that older people are slower in picking up technology - that older people can’t use the internet. I mean, we invented the internet!“
One of our former participants in her 60s has launched workshops on Artificial Intelligence (AI) web building and has built a protein tracker app. She’s now completely hooked on the opportunities that AI coding presents. This proves there’s no cut-off age when it comes to learning new skills.
Inadequate support
Government programmes, like the Midlife MOT, are available to help people plan for retirement. But they fall short in preparing older individuals for re-entering the workforce. A holistic, forward-thinking approach is missing.
Despite political promises to support over 50s back into work, the reality is stark. There’s minimal funding or action to address the issue. If unemployment among over 50s continues to rise, the cost of sidelining millions of capable individuals will only grow.
What can be done?
If I had my way, meaningful change would begin with making age diversity a priority. Employers should adopt policies to ensure over 50s are represented in the workforce at meaningful levels. One way to motivate employers to act? Including age in diversity, equity, and inclusion statistics, and requiring compliance by law.
The Midlife MOT could also evolve to go beyond financial planning. I’d like to see it incorporate work opportunities, upskilling, and training. For example, it could:
- help individuals explore flexible employment, self-employment or part-time work;
- provide access to retraining programmes for emerging industries and technologies; and
- encourage a holistic approach to planning the next 40 years.
This would allow individuals to consider their lifestyle goals and economic realities. Policymakers must also prioritise retraining and entrepreneurship programmes tailored for over 50s. For many, starting a business offers flexibility and control over their working lives. Particularly when they’re managing health conditions or caregiving responsibilities.
What can individuals do?
Start planning early for the life you want in later years. Engage with your pension savings to see whether you’re on track to retire into the lifestyle you want. PensionBee’s Pension Calculator can help you see how much income your pension could generate in retirement. You can change your contribution amount and retirement age to see the impact this could have on your future retirement income.
This is a really helpful way to see if you might need to top up your savings, or supplement your income. If you have a business idea that’s been on the back burner, now could be the time to explore its potential. Contact your local council for resources and support. Websites like Coursera and Udemy are a great way to start turning your ideas into reality.
Summary
The over 50s are an untapped resource, rich with skills, experience, and potential. Treating this demographic as a ‘lost cause’ isn’t only unfair but economically short-sighted. By investing in their futures, we can empower these individuals to contribute meaningfully to society. The solution is clear: stop sidelining over 50s and start supporting them. The rewards, for individuals, businesses, and the economy, could be transformative.
Suzanne Noble is a serial entrepreneur and the Co-Founder of the award-winning Startup School for Seniors, an online programme that supports over 50s to turn an idea into a business or grow their existing business’s trading income. Featured on BBC News, the Telegraph, the Times, Buzzfeed, amongst others, Suzanne wants to support those over 50 to manifest the life they desire.
Risk warning
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
Suzanne Noble is a serial entrepreneur and the Co-Founder of the award-winning Startup School for Seniors, an online programme that supports over 50s to turn an idea into a business or grow their existing business’s trading income. Featured on BBC News, the Telegraph, the Times, Buzzfeed, amongst others, Suzanne wants to support those over 50 to manifest the life they desire.
