With the UK now formally in a recession, and the end of the furlough scheme on the horizon, many over 50s are feeling apprehensive about their job security. It’s an unfortunate fact that this group is less likely to secure another role once out of work, meaning redundancy can have serious long-term repercussions on their retirement.
4.8 million people over 502 and in work fear losing their job because of the Covid-19 pandemic, according to new research from Legal & General. The research reveals with 58% fear the impact of the pandemic on their long-term savings, two in five (41%) are worried about their job security and one in three (31%) are concerned about finding new employment in the event of losing their job.
With the Government’s furlough scheme set to end in October, recent data from the Office for National Statistics showed there were already 730,000 fewer employees on payroll in July than in March 2020, with over 65s one of the groups most likely to have been impacted. Amidst this career uncertainty, a large number of over 50s are now facing financial worries as a direct result of Covid-19. Over a third (37%) have seen their household income decrease during the pandemic, as companies furlough staff while
cutting back on wages and head count.
Aston spoke to Emma Byron, CEO at Legan & General retirement income to discuss the concerns of workers aged over 50 and offer advice on their options to help them to feel more secure about their retirement.
Photo by Glenn Carstens Peter on Unsplash