• Analysis shows declining job satisfaction in the lead up to the pandemic was a key reason for people in their 50s to leave the workforce
• Nearly six in 10 (59%) people in their 50s feel older workers are being left behind by employers
• Over a third (34%) of workers in their 50s said their job was unfulfilling
• People in their early 50s were more likely than older age groups to respond to improvements in practices and policy interventions designed to encourage them to return to work

Research from Phoenix Group’s longevity think tank Phoenix Insights found job satisfaction was a key reason why people in their 50s left the workforce during the coronavirus pandemic.

The proportion of economically inactive 50-64 year olds increased significantly during that period peaking in May-July 2022 at 27.7%, and has remained high in the post-pandemic labour market. Prior to the pandemic, economic inactivity among 50-64 year olds had reached a record low of 25.2%, having reduced every year since the mid-1990s*.

The research analysed annual job satisfaction data from 2009/10 to 2020/21 and found those leaving the workforce in their 50s during the pandemic experienced declining satisfaction in the years running up to their departure, well before state pension age. In contrast, job satisfaction was increasing slightly for those who chose to remain in work**.

Phoenix Insights’ polling of 1,000 people over 50 and additional focus group research supported these findings***. 59% of people in their 50s said older workers are being left behind by employers, and a further 34% of the same age group who were still working said they were not fulfilled by their job.

Participants in the focus groups said they enjoyed their work earlier in their careers, but experiences in the workplace became increasingly negative with age.

One participant said:

“There’s sort of an idea floating around, “oh this guy’s a bit of an old has been, he’s going to be out of here quite soon.” So, they tend to…ignore you somewhat even though you’ve got a lot to add in terms of value because of your experience.”

Phoenix Group’s Catherine Foot, Director of Phoenix Insights, said:

 “Huge numbers of people in their 50s dropped out of work during and immediately after the coronavirus pandemic and our research suggests job dissatisfaction played a big part in this. While some over-50s have returned to work over the last year, the pace of return has been slow with many remaining dissatisfied or facing barriers and insufficient support to re-enter the workforce.

“Good quality, satisfying jobs matter to people of all ages. For those over 50, we know that it’s particularly important that jobs provide flexibility, support for people with caring responsibilities and health conditions, and opportunities to develop skills. We also know from our research how crucial it is that businesses tackle what can be quite subtle but deeply ingrained ageism in their recruitment process.

“Ensuring people remain in good work later in life can be hugely beneficial for an individual’s finances and wellbeing, and with labour shortages still a major issue in our economy, it is also a key element to boosting the UK’s post-pandemic productivity and economic growth for the years ahead.”

Phoenix Group and Phoenix Insights are on a mission to inspire people of all ages to have fulfilling careers by partnering on the Careers can change campaign, and will be raising awareness of the issues people face working in later life by sponsoring the upcoming National Older Workers Week.

Enquiries

Samuel Woods

PR Manager

Phoenix Group

Telephone: 07977 844297

Samuel.woods@thephoenixgroup.com

About the research

*ONS (2022), Movements out of work for those aged over 50 years since the start of the coronavirus pandemic.

**Phoenix Insights (2023) Beyond the Great Retirement: Understanding and tackling economic inactivity amongst the over 50s. Research and analysis conducted with Public First. Analysis of longitudinal data on job satisfaction in the Understanding Society survey for people aged 40-49 in 2009/10.

***Phoenix Insights carried out seven focus groups (three UK groups; two US groups and two German groups) of over-50s with a mix of social grade, age, gender and education level. The polling was conducted with 1,006 over-50s. Research undertaken in partnership with Public First between October 2022 and February 2023.