A rising variety of people over the age of fifty are embarking on second careers in completely new fields, redefining conventional profession trajectories and contributing considerably to the UK’s workforce.
This shift comes as many Gen Xers and older millennials search recent alternatives amidst a quickly altering job market.
Over the previous 30 years, 73% of the nation’s employment development has been pushed by employees aged 50 and above. By 2025, it’s projected that one-third of the UK workforce will likely be over 50. Regardless of this, ageism stays a hurdle, with the Organisation for Financial Co-operation and Growth (OECD) reporting that solely a 3rd of companies would think about hiring somebody aged between 50 and 55.
Analysis from longevity suppose tank Phoenix Insights reveals {that a} third of people aged 45 to 54 count on to vary careers earlier than retirement. Catherine Foot, director at Phoenix Insights, commented: “Second and third careers are becoming increasingly common, with people living longer lives which means the average age of retirement has risen. For those aged 40 and over, changing careers can be transformational—not only helping them to find more fulfilling work that makes the best use of their skills, but also enabling them to build financial resilience for later life.”
The upcoming Nationwide Older Employees Week highlights the potential financial increase from supporting second and third careers. With over 3.5 million over-50s at present economically inactive, encouraging profession adjustments on this demographic is vital to addressing workforce challenges.
OECD research point out that midlife profession strikes are linked to wage development and the next probability of remaining employed into one’s sixties. Lyndsey Simpson, chief government of 55/Redefined, a marketing campaign group advocating for age range and inclusion, said: “Second and third careers are becoming a vital part of the working landscape for over-50s, offering a chance to reimagine their professional lives and contribute their wealth of experience. Businesses that embrace age-inclusive policies and reskilling will unlock the potential of this experienced and loyal workforce.”
Whereas transitioning to new careers might require upskilling—significantly in digital competencies—90% of workers aged 55 to 65 imagine they possess transferable abilities appropriate for brand new roles or industries. Widespread selections for second careers embody purpose-driven roles in charity work, youth providers, and environmental initiatives, the place seasoned professionals really feel they will make a major influence.
Tracey Horn, government director on the Cambridge Choose Enterprise Faculty, emphasised the significance of embracing numerous profession paths: “It’s important to recognise the diverse, non-linear paths we can take and the different versions of ourselves we may yet choose to be.”
