New data shows more older women aged 60 to 64 are in the workforce in UK than not.
Reports from the Office for National Statistics revealed that the number of older women in workforce has risen by 51%. The numbers rose when the changes to the state pension age were implemented in 2010.
In addition, the analysis showed a 13% increase in the number of working men aged 60 and 64 over the same period.
The increase was considered by experts as “seismic”, with serious implications for the economy and for women in older life.
Empowering people aged 50 and over to continue working could contribute an additional 1.3% to GDP a year by 2040.
While the number can be considered an opportunity for some women, for others it is the “culmination of inequalities that have built up over a lifetime, remaining in low-paid, insecure or poor quality work and delaying retirement through financial necessity,” said Patrick Thomson, program manager at the Centre for Ageing Better.
“For many other women this will be a positive choice, with work providing financial independence, an opportunity to save for retirement, meaning and purpose,” he added.
“The rising state pension age has clearly had an impact on women’s working lives. But while longer lives and changing patterns of work mean many of us can expect to work for longer, it’s vital that people are able to be in work that improves their current and later lives.”
Maximizing longevity dividend
Stuart Lewis, founder of Rest Less, a jobs and volunteering site for over-50s, said: “The rapid increase in the women’s state pension age since 2010 has had a profound impact on women in their 60s: the employment rate of women aged between 60 and 64 has increased from 34% to 51% in just 10 years.
“But as well as adjusting to the financial implications of the new state pension age, the added frustration for many comes from the continued challenge to find meaningful work in their 60s when age discrimination in the workplace remains all too prevalent,” he added.
However, David Sinclair, the director of the UK International Longevity Centre, said that people should not be “too excited” about the employment levels of older people.
“The employment rates of men, for example, were actually higher in the 1960s. We’ve got a long way to go if we want to maximize the longevity dividend,” he said.
“Too many older people are forced out of the workforce too early, whether that is due to ageism or poor health. Too many people want to work longer but can’t,” he added. “Good work can be good for us. But if the additional jobs are not good jobs, we could be simply storing up problems for the future.
