Even a short break can knock a worker’s self-confidence
However, research from Aegon shows that those who take a break from work in their fifties – even a temporary one – are unlikely to return due to a lack of confidence in their skills and experience.
The data shows that while only 15% of those who still work in their fifties feel their skills and experience are irrelevant, that figure increases to more than half (54%) of those who have stopped work or entered retirement.
More than half (57%) in their fifties still in work do not experience any drop in confidence that their skills and experience remain relevant. By contrast, this is higher than the 52% of those employed between the ages of 18 and 34 who feel the same way.
A changing world
Despite having accumulated decades of experience in the workplace, many find, particularly if entering a new field, that the workplace is far removed from when they started their career.
The rate of change appears to have accelerated with the increase in remote and hybrid working making day to day work appear very different from before the pandemic.
Steven Cameron, pensions director at Aegon, said the government’s focus on the ‘economically inactive’ fails to understand the crisis in confidence among the over fifties who have been out of the workforce, but would choose to return to work.
“For some, leaving the workforce may have been a conscious choice. But for many others, it may have been forced upon them by circumstances,” said Cameron.
“Our research reinforces concerns that we can all fall into the trap of being closed to new work opportunities.”
Government and employers need to wake up
Those over 50 who did not choose to stop work may be concerned about not fitting into the new workplace and are being prevented from going back by a lack of confidence in their skills.
“The new world of work may be daunting, and an early retirement may seem like the only viable option.”
Steven Cameron
“The new world of work may be daunting, and an early retirement may seem like the only viable option.
But for the benefit of the wellbeing of those individuals, as well as the UK economy, government has a role and employers could be doing more to ensure they are offering ongoing training and upskilling opportunities to make sure age is not a barrier to employment opportunity.”
“Government and employers need to wake up to this so these vital skills and experience can be used for the benefit of individuals, businesses and the UK economy.”
