The Aviva study suggests that the UK can expect the rise of “grey entrepreneurs”Summary
A record number of people in the UK are choosing to work longer, with over-50s fuelling 90% of employment growth in the past year.
Aviva’s research reveals that while many UK workers are working longer out of necessity, a growing number of over-55s are also eager to progress their career, advance and improve their skills and even start their own business.
Insights
- A survey of 2,020 UK adults, conducted by Aviva in January 2019, found that nearly 1 in 5 (18%) workers aged 55-59 years are planning to move jobs to progress their career.
- The thought of moving jobs to progress career was found to be less appealing to workers aged 60 plus although nearly 1 in 10 survey respondents aged 60 to 64 said they are planning to do just that, with most of them within the next 12 months.
- Over 55s were also found to be eager to learn new skills and advance their existing skills; more than a third (37%) of workers aged 55-59 said they are planning to take advantage of training offered by their employer; one in five (19%) want to start/continue a course or qualification to improve their skills, independent of their current job and 14% are job shadowing in another team/departments to gain more skills and experience.
- The Aviva study suggests that the UK can expect the rise of “grey entrepreneurs” as 1 in 10 workers aged 55-59 said they are planning to launch their own business either as a side venture or main source of income.
Alistair McQueen, Savings and Retirement at Aviva, commented: “Our working lives are changing, fast. A record number of us are working deep into our later lives. Today, there are 1.33 million people working beyond the age of 65 – more than ever before.
“Many are choosing to work longer. Many others are having to work longer to fund longer life in retirement.
“Forward-thinking employers will respond to this changing world, and they will be rewarded for doing so, securing and retaining the best of this booming population.
“Aviva is investing in Mid-Life MOTs* to provide targeted support for its employees aged 45 and over. Aviva is committed to ensuring that age is no barrier to opportunity.”
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