Recession 'has led to more older workers'

15/07/2009

Moves by the government to scrap laws allowing firms to fire workers aged over 65 years old on grounds of age have been welcomed by a major insurer.

Liverpool Victoria said that ministers' decision to bring forward the review on the legislation from 2011 to 2010 was "positive".

The firm also released a report, showing that over 900,000 over-65s are in work - and that around 300,000 of this total work full-time.

Mike Rogers, Liverpool Victoria group chief executive, said: "This trend towards later retirement reflects a range of economic pressures which are only amplified by the effects of this recession, as well as broader health and lifestyle factors which see many older workers keen and able to maintain an active role in the workplace beyond the traditional age 65.

"Financial services providers must respond to this trend by creating and explaining a more flexible range of products to support people entering and moving through retirement."

Liverpool Victoria's report also found that 43 per cent of over-65s still in work did not know when they would be able to retire.

One in five (22 per cent) of those who were within five years of retiring said that they would be working for longer as a consequence of the financial downturn.

Tags; Retirement Money Problems, Job loss,

Regional Debt Advice; Debt Advice Liverpool,

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