More women are now economically active in later life according to research from the International Longevity Centre (ILC).
This study, commissioned by Brightwell, found more people were working post 65, when compared to the early 2000s, with this trend being particularly pronounced among women, where rates have almost doubled.
This future of ageing study found that today 77.6 per cent of men and 69 per cent of women aged 50-64 are economically active. For people aged 65 and over, 14.9 per cent of men and 8.9 per cent of women are economically active.
In 2023, 45.7 per cent of women aged 50 and over worked part-time, compared with 19.3 per cent of men of that age.
But the proportion of women working part-time has been falling, whereas the proportion of men working part-time has been increasing. In 2004, just over half (51.3 per cent) of women aged 50 and over were working part-time, compared with 16 per cent of men.
Looking ahead, the report says that technology will make work more flexible, changing when, where and how people work. It adds that fewer people will need to travel to our workplace and more will work from home or even abroad — although it notes that not all these opportunities will be open to everyone.
This future of ageing in an uncertain world report has been published to coincide with this 55/ Redefined National Older Workers’ Week.
Dr Vivien Burrows, senior research fellow at the International Longevity Centre and author of the report said: “We know how important meaningful occupation is for our health and wellbeing. The rise in the proportion of older workers is a positive trend but there are signs that this growth is beginning to stall with too many people forced out of work earlier than they would like. Ensuring that people can work longer means preventing ill health, challenging ageist attitudes, and embracing greater flexibility.
“Older workers have so much to bring to the workplace – knowledge, experience, life skills. The UK’s economic growth is increasingly dependent on their contribution.”
Brightwell CEO Morten Nilsson adds: “As life expectancy increases, the notion of a traditional retirement will need to be retired.
“In future, more people will be working into their sixties and seventies. For some this will be out of financial necessity as they simply won’t have enough saved for several decades of retirement. For others, working longer will be an active choice for the continued sense of purpose and social connectedness that it can bring. It’s important that more is done to ensure longer healthier lives so that people can maximise the opportunities of working into later life.”
Lyndsey Simpson, CEO of 55/Redefined said: “Older workers represent an overlooked reservoir of talent and wisdom that modern workplaces simply cannot afford to ignore. It is also relevant to all of us either now or in the future as we will all at one point become an older worker.
“The businesses that we work with are embracing age-inclusive policies and investing in re-skilling to unlock returns through reduced attrition and better outcomes through a ‘return on experience’. They are also future-proofing their growth by harnessing the only growing talent pool who demographically mirror the customers they are serving, who are also of course ageing.
“This isn’t just about economic necessity; it’s about giving people the opportunity to thrive in later life, combining purpose and productivity in equal measure.”