UK: Aviva comments on record number of workers aged 50 and over

07 Sep 2017

Alistair McQueen, Head of Savings and Retirement at Aviva, comments on today’s Department for Work and Pensions report into workers over the age of 501:

“The battle for talent between older and younger workers has well and truly begun.

“Our working world is changing and ageing, with a record number of older workers aged 50 and over. There are now nearly 10 million older workers driving the British economy – representing nearly one-in-three of all workers. The number of older workers has rocketed, virtually matching the number of millennial workers aged 18 to 34, which remains unchanged.

No room for complacency

“However, hidden beneath the headline figure is evidence of a reversal of recent trends in employment rates.

“The employment rate for older workers (50-64) has been below that of younger workers (35-49) since records began. Encouragingly, this gap has been narrowing consistently since 1998. However, today’s figures show this gap has increased for the first time in twenty years, in part due to an increase in men retiring before the age of 65.

“We must support Britain’s growing, and essential, population of older workers. Age must be no barrier to our opportunity to contribute.”

-ENDS-

Media Enquiries:

Fiona Whytock, Senior Media Relations Manager

T: +44 (0)7800 692299 E: Fiona.whytock@aviva.com   

Sources:

1.    https://www.gov.uk/government/statistics/economic-labour-market-status-of-individuals-aged-50-and-over-trends-over-time-september-2017

Notes to editors:

  • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers. 
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.   
  • Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion. 
  • Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016. 
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society. 
  • We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.