Midlifers are ‘stuck’ feeling underprepared and unequipped to make beneficial career moves which could keep them more fulfilled in the workforce for longer, risking thousands more retiring prematurely and exacerbating economic inactivity amongst the over 50s, according to new research from Phoenix Insights, the longevity think tank set up by Phoenix Group.
33% of 45 to 54-year-olds expect to change career before they retire, yet new research conducted by Ipsos on behalf of Phoenix Insights has shown this group is over 60% more likely than 35 to 44-year-olds to have not taken actions related to their career in last six months (48% vs 30%) and just 15% of this age group have received careers advice in the last three years.
Out of 3,345 UK adults surveyed as part of the Career Advice for Longer Lives report, 42% of those working aged 45 to 54 have been in their current main job for 11 years or over. 30% of all midlifers disagreed that they have a clear plan for the rest of the time they spend working until they retire, rising to over a third of women in this age group (34%).
A lack of awareness of careers advice is one of the factors holding back mid-life career changes. 51% of 45 to 54-year-olds have never heard of any careers information or advice services and more than six in 10 workers (62%) have not received off-the-job training from their employer in the past 12 months.
Phoenix Insights also found a lack of confidence prevents these workers from seeking new opportunities. Research showed that among those working (45–54), the most common reasons for holding back from job changes included their age (21%) or that ‘it’s too late’ (16%). Low confidence disproportionately impacts women – 18% of women (compared to 10% of men) aged 45 to 54 say confidence is holding them back from changing jobs.
Catherine Sermon, head of public engagement and campaigns at Phoenix Insights, said: “It’s worrying how many adults don’t feel they have the tools or confidence to make beneficial changes to their career at such a crucial time of life, whether that be through small changes or big career pivots. Employers, government, and careers advice providers need to do more to inspire and support people to actively plan their careers across what might now be 50 or 60 years of working life.
“Failing to do so is likely to exacerbate the challenges we face with 3.5 million over 50s currently economically inactive and perpetuate the risk of financial insecurity in retirement. We have brought together a host of careers and skills organisations to spark change and inspire adults to take control of their careers. We want people to know that it’s never too late to make a positive change when it comes to their career and the right support can help make these changes less daunting.”
70% of all adults say that the government needs to do more to help people build their skills throughout their career. However the opportunity to support midlifers in particular is rife, with 41% of this age cohort surveyed by Ipsos agreeing they would be interested in getting information about their options in relation to work. 25% would find information about how they can use their skills in different jobs most useful.
