Workers who make job change in 50s

WORKERS in the South are more likely to start a new career in their 50s, while those in the North are happy to wind down in their current job, research shows.

A survey of over 3,300 over-50s by insurance firm Aviva found that those in the South West are most likely to have made significant job changes since turning 50. They have also been with their current employer for the least amount of time at nine years, two shorter than the UK average.

In contrast, a third of over-50s workers in Scotland have made a significant job change since turning 50, and have been with their employer for one of the longest amounts of time - 12 years on average.

Two-thirds of workers in Yorkshire and the North West are most likely to be happy to wind down their career in their current company, compared with 54% in London, the research found.

Almost two in five over-50s workers with dependants say they will retire later than they expected because their children are still financially dependant on them. A third of those with dependants say their adult children’s financial needs are the only reason they’re still working.

Lindsey Rix of Aviva said: “With children flying the nest later and later, many over-50s are shouldering the responsibility of putting their families’ financial needs ahead of their own for a prolonged period of time.

“As a result, many are facing a dilemma over delaying their retirement, while others are struggling to maintain savings.”