Commenting on today’s UK labour market statistics,1 Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Today’s official figures report a record 32.6 million people in work in the UK.
“Credit must go to the over-50s who are at the forefront of this increase. Over the past year, the total number of people in work in the UK has increased by 444,000. Seven in ten (70%) of these workers are aged 50 and over. There are now a record 10.4 million workers in the UK aged 50 and over. Aviva estimate that this age group will represent more than one-in-three workers in the UK in the coming decade.
“The number of people who define themselves as “retired” before the age of 65 is falling – down 39,000 in the past year. The number of women who define themselves as “retired” before the age of 65 is at a record low of 642,000.
For many, an ‘early retirement’ is increasingly a thing of the past as we look to fund longer retirements, while many continue to enjoy the satisfaction work can bring.
“There is a need for employers to support their growing army of older workers. For example, Aviva is introducing Mid-Life-MOTs for its workers aged 45 and above – helping them consider their longer-term wealth, work and wellbeing plans. In our ageing society, age must be no barrier to opportunity at work”.
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 £331 billion in assets (as at 31 December 2018). Total group assets under management at the Aviva group are £470 billion (as at 31 December 2018).
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
- 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.
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