Over 50s working longer

A report from Help the Aged and Age Concern charity says that two thirds of those people over 50 have to work longer. This is because savings and pensions have been adversely affected by the current recession.

60 per cent of the 943 people who responded to the study feared that they would have to delay retirement. The cut in interest rates has led to a fall in returns for savers and a decline on stock market investment has affected pension funds. 47 per cent of respondents admitted to being more worried about money than at the beginning of the year.

All this comes on top of the fact that more over 50s have been made redundant in the economic crisis. According to the Office for National Statistics, figures for people over 50 and above who have been made redundant or who haven't got employment have shown an increase of 47 per cent. "These figures paint an extremely bleak picture for millions of over 50s whose working lives are at risk of being cut short by the recession," said Michelle Mitchell, charity director for Age Concern and Help the Aged. "Those who do lose their jobs will face significant obstacles to getting back into work, leaving them financially vulnerable as they approach retirement."

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