There is now a record number of over 50s working part-time, with a quarter of workers in this age group working fewer hours.
An estimated 3.6 million over 50s work part-time – an increase of 12% since 2021 and 56% since 2003.
The analysis of Office for National Statistics figures by Rest Less, a digital community for the over 50s, also found that two-thirds of people who are still working past the age of 65 are doing so part-time, and 40% of people aged 60-64 are working shorter hours.
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More men aged 66 and older, the current state pension age, are working part-time than women. Some 426,000 men aged 66+ were working part-time in 2023, an increase of 22% since 2021, while 355,000 women in this age group worked part-time (a 14% increase).
Stuart Lewis, chief executive of Rest Less, said the figures highlight a shift in how people in this age group view work and retirement, with most people choosing to transition into retirement rather than stopping work suddenly.
“Long gone are the days of the linear career path of one or two full-time roles, 9-5 for five decades followed by a sudden stop at retirement. Today the path is winding and offers more choice than ever before – both in career path and working patterns,” said Lewis.
‘In the last few years, we have seen increasing numbers of progressive employers who understand the benefits of age diverse and multi-generational workplaces. In an ageing population where one-third of the UK’s workforce are now over 50, age inclusive policies are no longer a nice to have and offering flexible and part-time working arrangements are now an essential part of any employee value proposition.”
Dr Emily Andrews, deputy director for work at the Centre for Ageing Better, said: “Making part-time working more available is a great step for employers who want to realise the benefits of recruiting people in their 50s and 60s. Part-time jobs make the workplace more accessible to people with a caring responsibility or with certain health conditions – and makes work more appealing to people who are looking for more variety in their life in the latter part of their career.”
However, Andrews warned that part-time work too often means “poor quality work”, and said there needed to be an increase in the number of decent, high-skilled jobs available to part-time workers.
“Employers will be amazed by the kinds of candidates that come forward if they advertise their jobs with a minimum number of hours. And allowing people to reduce their hours can help keep good, experienced staff in the business when difficulties arise in their life,” she said.
Long-term savings and pensions business Phoenix Group has launched a “midlife MOT” tool to help its employees make better-informed decisions about their work and finances, and has introduced workshops for people within 10 years of retirement age.
A pilot of the midlife MOT in 2022, which involved 340 employees aged 40 and over, resulted in 90% making positive changes for their finances, health, and work as a direct result of its recommendations.
Chief HR and premises officer Sara Thompson said: “The desire to stay in meaningful work for longer is already important to many people. The Midlife MOT offering is a key tool for people to help them start thinking differently and more holistically, about the key areas of wealth, work and wellbeing, so that they can make the best decisions for them as they look towards later life.”
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