People aged over-50 are facing a lifetime of financial insecurity as a report reveals which age group is being hit the hardest by the cost of living crisis
. Research from Edinburgh University’s Smart Data Foundry found economic inactivity rates have risen by a third for the over-50s age group since 2019.
A further 10 per cent said they would stay in the same role but move to part-time hours - only five per cent said they planned to stop work completely. “Easing into retirement by working part time is often a better way of managing such a huge change from a financial and emotional wellbeing perspective.”
In October 2020, the UK Government raised the State Pension age to 66 for both men and women with plans to increase this to 68 over the coming years.
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