With more over 50s in employment than ever before, the age gap between working men and women has halved over recent years.
With more over 50s in employment than ever before, the age gap between working men and women has halved over recent years
- 9.76m over 50s now in employment (31% of the total workforce)
- Average UK worker now aged 41 and half years old
- Age gap between male and female workers has halved since 1992
- Male working age keeping pace with projected life expectancy
- Female working age rising faster than projected life expectancy
Today’s employment figures reports a rise in employment and a fall in unemployment. It is too soon to judge what impact Brexit will have on this trend.
The Government recently celebrated the fact that there are now more workers over the age of 50 than ever before1. This trend continued today with the latest labour market statistics reporting a new high of 9.76m over-50s in employment in the UK2.
Male workers are older than female workers, but the gap is closing
Aviva analysis indicates that the average age of a UK worker is now 41 years and six months – up from 38 years and five months in 1992. The average male worker has been older than the average female worker since records began in 1992, but the gap is narrowing.
Aviva estimates the average age difference between men and women is now just 5 months - half the 10 month figure it was in 1992. The average male worker is now 41 years and eight months, compared to the average female worker being 41 years and three months.
The average male worker was born in January 1975 – when American actor Bradley Cooper was born and Brian Clough was appointed manager of Nottingham Forest Football Club. The average female worker was born in May 1975 – when Spice Girl Mel B was born and Tammy Wynette’s “Stand by your man” was number one in the UK charts.
There has been acceleration in this narrowing trend since increases in the female state pension age were introduced from 2010.
Working age of women rising faster than life expectancy
The average age of a working man and woman has risen by 7.5% and 8.8% respectively since 1992.
This equates to a rise in average working age of approximately 6 and 7 weeks each year for men and women respectively, since 1992.
The ONS predict cohort life expectancy at age 65 for a man to rise by approximately 6 weeks each year between 2014 and 2039 – from 86.2 to 89.0. They predict cohort life expectancy at age 65 for a woman to rise by approximately 5 weeks each year between 2014 and 2039 – from 88.5 to 91.1.
While the working age of men is increasing in line with their projected life expectancy – with both increasing by 6 weeks each year – the analysis suggests that the working age of women is increasing ahead of their life expectancy – with working age increasing by 7 weeks while life expectancy projected to increase by only 5 weeks per year.
Commenting on the analysis, Alistair McQueen, Saving & Retirement Manager at Aviva said:
“We have two key levers we can pull to help prepare for a longer life in retirement. We can either save more or work longer. Automatic enrolment is helping people save more by bringing over 6 million savers into workplace pensions since 2012. The latest figures suggest we are also rising to the challenge of working longer.
“The increase in the women’s state pension age has had a marked impact on narrowing the gap between the average working age of men. By 2018, men and women will share the same state pension age of 65.”
“An independent review of the state pension age is currently being led by John Cridland CBE3. This review will judge whether any further increases in the state pension age should be considered. It will focus on fairness, affordability and the promotion of fuller working lives, and will report in 2017.”
Ends
If you are a journalist and would like further information, please contact:
Aviva Press Office: Fiona Whytock: 07800 692 299 or fiona.whytock@aviva.co.uk
Aviva’s retirement spokesperson, Alistair McQueen, is available for comment/interview
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
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