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Longer working lives have become a reality for millions, yet a significant number of over-50s feel unsupported in the workplace, according to new findings from Aviva which highlight the need for UK businesses to boost support for their older workforce.
The study is based on a survey of 2,497 UK adults aged 16-75, including 1,219 aged over-50 of whom 520 are still in work. It suggests almost two thirds of over-50s in work are planning to retire later than they thought they would 10 years ago. and insufficient pension savings.
However, the survey found more than two fifths (44%) of people aged 50+ still in work feel unsupported by their employer when it comes to their career ambitions and objectives, compared to only 25% of those aged 25 to 34.
A third of the UK workforce are forecast to be aged 50+ by 2020.
Aviva says its findings suggest employers could be missing out when it comes to the skills and experience their older workforce can offer.
The study reveals that those aged 50+ are more confident about their ability to keep up at work (41%) and their relevant skillset (37%) than their younger counterparts (36% and 33% for those aged between 25 to 34).
However, it states that factors such as the ability to work flexitime have only increased slightly from 12% in 2012 to 14% in 2018. Moreover, access to other forms of workplace support – including guidance on retirement finances – has remained static. Aviva is also recommending a mid-life MOT for over-50s.