Fearing 50: Why workers are hushing up a milestone birthday
Despite a record number of over-50s in employment, ageism is present among all age groups, poll finds.
2nd January 2020 10:22
by Nina Kelly from interactive investor
Despite a record number of over-50s in employment, ageism is present among all age groups, poll finds.
One in 10 workers fail to celebrate their 50th birthday with colleagues for fear of being perceived as over the hill, research has found.
According to a survey of more than 3,000 working adults conducted by insurer AIG Life, more than two in five (44%) of the over-50s questioned believe that their age means they will miss out on promotions and pay rises.
There are a record 10 million people over 50 in the workforce and almost three quarters (72.7%) of people aged between 50 and 64 are still working. The demographics of the UK mean these numbers will only increase.
However, the study, found that ageism is not just a concern for older workers. Among employees who are under 40, around 40% fret that their older colleagues are a barrier to their own career progression and pay rises, while more than half of those questioned (55%) fear that once their own milestone 50th birthday arrives, their own careers will stall.
Lee Lovett, managing director for group protection at AIG Life, which offers group life, critical illness insurance and income protection, said: “It is rather sad that so many over-50s worry about their age and its implications for the workplace because the reality is that employment among the over-50s is at a record high.
“Our earlier research found that some people want to work into their 70s and [such employees] can bring a huge amount of knowledge and experience.”
In addition, the AIG research found two out of three businesses are preparing for the reality of an ageing workplace, while nearly one in five have adapted employee benefits to cater for older workers.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.
This article was originally published in our sister magazine Money Observer, which ceased publication in August 2020.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.