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Sunday, June 27, 2010

Post 50-work mean post 50-spending

Friday's FT has some interesting stats.

The National Childhood Development Study, which is tracking the lives of 10,000 people born in one week in 1958, found that almost nine out of 10 people in their early 50s are considering working on past state pension age to maintain a higher standard of living.

24% cent strongly agreed with the statement “when I reach state pension age I would do some paid work if it meant a better standard of living”. A further 47% agreed with that view

More than 90% of those finding it quite difficult to manage financially said they would consider continuing work as did those in lower paid jobs. But so did 86% cent of those who said they lived comfortably, or had higher professional and managerial jobs.

Women past 60 and men past 65 now comprise about 12% of the workforce – up by half on a decade ago.

The Chartered Institute of Personnel and Development found that 71% those aged 55 and over planned to work past state pension age, against 40%.

All of these findings are similar to research in the US. The big "bottom line" to all of this is that older people, for reasons of compulsion or desire, are going to keep on working. It looks to me that 70 or 75 is the new 65.

Now the big question is where will the jobs come from for all of these older people? Dick Stroud

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