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‘Silver Spenders’: Number of over 50s in the workforce reaches record high in 9 years

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Research found almost half of older workers will still be in employment within the next decade, compared with fewer than a third in 1992.

Andrew Kail, Legal & General Retail Retirement chief executive whose firm came up with the report with the Centre for Economics and Business Research, said the figure had increased by 36 percent in the last 20 years.

He said it revealed a “significant cultural shift” in the world of work.

“People are continuing to work for longer in order to reach their desired retirement lifestyle but also in response to changes in wealth, state pension provision and to reflect the fact that we are living longer as a society,” he said.

“This creates a much more challenging hurdle for people to overcome in order to fully retire.

“Gone are the days of ‘carriageclock retirement’ and we need to make sure people understand the implications so that they can better plan for their future and the extent to which work will play a role in it.”

Last week the Office for National Statistics said older people would continue delaying their retirement if they can work from home. An ONS survey found that 11 percent of over-50s working from home planned a late retirement, compared to five per cent of those who have to go to a workplace.

The agency said a permanent shift to remote working could boost the economy by bringing more older people into the labour market. It calculated that if the employment rate of those aged 50 to 64 matched those aged 35 to 49, the economy would expand by £88billion.

An ONS spokesman said: “This could be because those working from home have less exposure to illnesses. Also, when unwell, those working from home may be more likely to feel able to work than those who travel to a workplace.”

The survey also found that three quarters of over-50s who work from home said they achieved more.

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