There are over 500,000 more men than women working in this age range, showing a growing disparity between the number of men and women in this category since the pandemic, according to recent ONS data.
According to the most recent labour market statistics for April to June 2022, there were 5,640,000 males and 5,049,000 women aged 50 or older in employment, a gap of more than half a million – 591,000.
As of January-March 2020, there were 5,596,000 men and 5,108,000 women over 50 in the workforce, widening the disparity since the pandemic by more than 100,000.
It means that during that time, 59,000 women over the age of 50 left the workforce, while the number of men over the age of 50 who were working only slightly increased.
Aegon head of pensions Kate Smith says: “On the eve of inflation predicted to reach double figures, this morning’s ONS figures paint a gloomy picture with a record fall in real regular pay as wages simply fail to keep pace with soaring inflation, with the gap now at 4.7 per cent. In the middle of an ever tightening cost of living of crisis, this means a pay cut for millions of workers as households are forced to walk a financial tightrope with everyday essentials such as food and fuel rising exponentially in cost. This will undoubtedly force many working-age individuals into a corner as they are forced to make difficult day-to-day decisions about how to stretch their finances to cover everyday expenses.”
“Aegon UK research carried out earlier this month shows an emerging split between different generations, with 32 per cent of 18-34 year olds saying that they are worried about their short-term finances compared to 19 per cent of over 55 year olds. We are beginning to see the pressure cooker of intergenerational tension bubble over as pensioners are set to benefit from a double digit increase, and potentially the highest ever, state pension increase thanks to the triple lock. With inflation persistently outstripping earnings, this looks set to be the deciding factor for determining the value of the state pension, and a major income boost for pensioners. In contrast the majority of workers have failed to see an inflationary matching pay rise this year, with many receiving no pay increases at all and with many forced to adopt a short-term approach to their finances.”
Just Group group communications director at retirement specialist Stephen Lowe says: “Before the pandemic, there were still fewer women than men aged over 50 in the labour market, but the gap was narrowing due mostly to the recent rises in State Pension Age.
“Today’s figures show that trend has been thrown into reverse since the pandemic, with a net loss of women aged over 50 in the workforce. The data highlights the need for the government and employers to provide more proactive support for older workers, especially women, who want to work.
“Our research finds that retired women over 55 are more likely than men to drop out of the workforce because of ill-health or to provide care, and much less confident than men that they could find paid employment if they wanted to.
“In a tightening labour market attracting and retaining these ‘silver workers’ provides employers with a ready-made experienced workforce that has a lifetime of skills and experience to offer. If these older workers, especially women are finding it hard to stay in the workplace or are choosing not to return, then perhaps as employers we need to reflect on why and what we can do to entice them back.”
