On this boiling hot July day I thought it was appropriate to have a cold dose of realism.
We all know the potential and excitement of the 50-plus market but there is another aspect of the 50-plus age group that is not so positive – the high level of economic inactivity. “Economic inactivity” is a nice way of saying they have no income other than that provided by the state.
In the UK the inactivity rates for men aged 55 -64 has increased four fold from 9.1% in 1972-6 to 34.5% in 2002. That is not a misprint (34.5%). This is a good source for more details.
Germany looks to be in an even worse state. This is an item published today about a plan for the jobless over 50.
Franz Müntefering, vice chancellor and labour minister of Germany proposed wage subsidies in an effort to reduce the number of unemployed people older than 50.
Under the "Initiative 50 Plus" plan, the unemployed over 50 years of age would receive supplemental payments if they accepted employment with lower wages than their previous job.
The government would pay 50 percent of the difference between the old and the new wage in the first year, and 30 percent in the second year. According to Müntefering, only 45 percent of people over the age of 50 have a job!
If you want to know more about the subject of employment and the 50-plus then this looks to be a great source of information and comment.. Remember the saying "all that glitters is not gold" well I think this data shows that "all those who are 50 are not rich". Dick Stroud
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