Older men leaving the workforce in record numbers

ECONOMIC inactivity levels among men aged 50-64 increased to the highest since records began, new research suggests.

The number of men in the age group classed as economically inactive reached 1.47 million between December 2021 and February this year, according to the study by Rest Less.

The figure was the highest since records began 30 years ago, said Rest Less, which offers advice and help to older people.

Since the pandemic began two years ago, there are now 179,000 additional men aged 50-64 who have left the jobs market entirely, the study indicated.

Stuart Lewis, chief executive of Rest Less, said: “The jobs market has been shedding experienced workers since the pandemic began but the fact that economic inactivity levels have reached an all time high should set alarm bells ringing amongst those who can help.

“In the wake of the pandemic, some people have re-appraised what’s important to them and have chosen to leave the workforce.

“Others have fallen out of the jobs market unexpectedly due to poor health, caring responsibilities or redundancy and they are facing an early retirement for which they are neither financially or emotionally prepared.

“We know that workers in their 50s and 60s are less likely to receive workplace training than their younger counterparts, are more likely to face age discrimination in the recruitment process and once unemployed, this means they are significantly more likely to end up in long term unemployment.

“With the cost of living soaring, we are particularly worried about people who haven’t financially prepared to stop working yet but have found themselves with no choice but to exit the workforce entirely.”

A Government spokesman said: “Older workers are a huge asset to our economy and there are currently over nine million workers aged over 50 on employer payrolls - an increase of more than 370,000 compared to a year ago.

“Our Plan for Jobs is helping hundreds of thousands of older workers to retrain, build new skills and get back into work.”