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The way we think about work needs to change to make sure everyone can better save for their retirement
The idea of a typical career used to look like finishing our education, starting work, advancing smoothly in our chosen profession, and then leaving the workforce at retirement age. But this simple path through a career is less true today than it was then.
Today's landscape looks very different. More people are embracing flexible working arrangements, extending their careers, or taking entirely new directions - often learning and acquiring new skills along the way. This is useful as we know that people are, on average, living longer. But unfortunately, the current systems for training and employment haven't evolved to accommodate these increasingly varied and non-linear career paths, ones that might extend beyond traditional retirement age.
We believe that work needs to be reimagined to better support the reality of our longer lives. To fully benefit from careers that might stretch across more than fifty years, individuals need access to good work throughout every phase of their lives.
Flexible working is key to recruiting and retaining people in the workforce, whether that’s earlier in life when they have plenty of time to save, later on to top up their existing savings, or even after the state pension age to help supplement their retirement income.
Flexible working covers a variety of different ways of working, like compressed hours, remote work, part-time hours, or even a job share. And it offers many benefits both to employees and employers.
For employees, it provides the ability to balance work with personal commitments, improving overall well-being. Whether it's managing childcare or caring responsibilities, pursuing further education, or simply finding time for personal hobbies, flexible hours allow people to structure their work around their lives. This balance reduces stress and increases job satisfaction, which helps people remain in work in a way that works for them, enabling them to continue working and save more for their retirement. Without this, people can feel forced to leave the workforce due to life circumstances, such as changes in their physical health or caring responsibilities, and this impacts their ability to save for the future.
For employers, flexible working can lead to increased productivity and reduced absenteeism. Offering flexible work arrangements can also help businesses attract a broader talent pool, including parents, carers, and people with long-term health conditions.
Making several career moves is becoming more common as the world of work changes and as people seek new challenges, better work-life balance, or more meaningful roles. However, making these transitions can be daunting and many people struggle to even know where to start.
We know that 1 in 3 people want to access careers and employment advice, but only 1 in 7 have used a public service to get advice in the last two years. We also know that on third of 45-54 year olds are expecting to change career before they retire.
This highlights the need to support working people to take more control of their careers, particularly in midlife. Currently, awareness of careers advice and guidance is low, and is lowest among older age groups. But support should be available at all stages of life especially as circumstances and financial situations change.
Enhanced and expanded career services is one of the things that could help more midlife workers navigate their career change - identify transferable skills, explore retraining options, provide advice on sectors where their experience and new skills are in demand, and connect people to others who are doing the same thing.
With the right support and guidance, midlife career switches can lead to fulfilling new opportunities, and help people successfully extend their working lives.
Lifelong learning, retraining, and reskilling are increasingly important in today’s rapidly changing job market. As industries evolve and new technologies emerge, the skills required for many professions are shifting. Lifelong learning empowers people to take control of their careers, by helping people to update their skills, learn new skills, or change careers entirely.
In a time when midlife career changes are becoming more common, being proactive about learning equips individuals with the flexibility to navigate transitions smoothly. It also fosters a culture of personal growth and resilience, helping people stay motivated and confident throughout their careers.
How flexible work can help those over 50
In the UK 1 in 3 UK workers are aged over 50, but we also know that 3.5 million people aged between 50-65 are economically inactive. We also know that many people over 50 face difficulties in accessing work related training and re-entering the workforce after a break.
But by helping just 1% more of over-50s back into the workforce, almost £6 billion could be added to the UK economy.
Research shows that people over 50 value flexible work options including the ability to work part-time and to work from home. However, many people see flexible work and part-time hours as being something just for parents when it should be available to all ages.
Providing flexible working arrangements for all employees - including over 50s – must be a priority to make sure our ways of working reflect the challenges and opportunities of today’s workforce. This is especially important given the potential benefits to groups such as those with additional caring responsibilities who are currently leaving the workforce without good levels of financial security.
