More than a third, or 37 per cent of workers aged 55 and above, say they would consider leaving their job if their ability to work flexible hours was significantly reduced, but around 26 per cent of people aged 50-64 years old are deemed economically inactive.
This is according to research from the Standard Life Centre for the Future of Retirement. The research, based on a survey of 4,000 UK adults, found that one in four over 55s would take a pay cut in exchange for more flexible working options.
In particular, it also found that 30 per cent of over-55s and 48 per cent of all workers would contemplate quitting if their ability to work from different locations, such as home, was restricted.
But around 26 per cent of people aged 50–64 are already economically inactive in the UK. A recent Centre report titled ‘Counting on Experience’ found that sectors such as advanced manufacturing and life sciences are particularly exposed. These industries employ 3.4 million workers aged 50+, including 450,000 over 65. Yet these industries lose 440,000 over-50s each year through early exits, which cost around£31 billion annually in lost output.
The report highlights several possible policy solutions to support workforce plans and explicitly factors in the needs of the over-50s. These include introducing more flexible working options and improving job design to support longer, more fulfilling working lives, expanding access to occupational health and in-work support for those managing health conditions and improving the availability of midlife training, career guidance and financial advice to help workers plan and adapt.
Centre head of research analysis and policy Patrick Thomson says: “Flexible work can be the difference between retaining skilled employees or seeing them walk out the door. It can help many workers in their 50s and 60s to balance their work with factors such as health or caring responsibilities. If we want to drive growth in the economy, we can’t afford to lose their experience.
“As people live for longer, it’s important that employers and policymakers continue to make it easier for people to work for as long as they want or need to, so they can save enough for a good quality retirement.
“That means normalising age-diverse recruitment, investing in lifelong learning, and offering the flexibility people need to balance work with health and caring responsibilities.
“At a national level, the benefits are just as clear. Retaining experienced workers boosts productivity, eases pressure on public services, and supports long-term economic growth. Backing older workers isn’t just the right thing to do, it’s smart economics.”
