Over 50: Money Issues, Employment and Hope After Covid

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The financial fallout of the pandemic is yet to be fully experienced by individuals – so what can we do to prepare?

Dipping into Savings

The latest BBC figures suggest that unemployment currently sits at a whopping 4.8%, with almost 14% of the unemployed aged between 16 and 24. Over the last 12 months, there has been a lot of attention on the welfare of older folks as a direct result of Covid, and rightly so. But what of the financial impact?

There is a glimmer of hope for attending to essential aspects of life, such as paying small amounts into pensions. However, the pandemic has forced some people to prematurely withdraw small amounts of cash from their pensions and other such savings sources. Early access to assistance and savings typically means hefty fees. It also disrupts the saving process, meaning less financial security in the long term.

Getting to grips with the Financial Pinch

Like many people across the UK, the over 50s have been severely impacted by the pandemic. You are more likely to feel the financial pinch of Covid if you are not in work. This results in a fall in household funds coming in throughout the months. A survey conducted by ELSA found that a third of those questioned reported that their income is worse than before the start of the pandemic. 

Rather than retirees with savings and benefits from pensions to draw upon in time of need, older people in work have no such benefits. This has led to many seeking financial aid from external sources such as family, friends and banks in loans. A loss of income means that people are forced into postponing significant financial payments. Financial decisions like this include saving for retirement – potentially causing them to work longer into their older age. 

Staying in Work

Despite the immediate disadvantages of over 50 work-life, the UK government has introduced a new program that aims to support older people who wish to work longer. In addition, the program aims to help employers who provide jobs to the over 50s as well. Modern skills courses such as IT, maths and English are provided by the program to combat involuntary early retirement.

Such retirement happens because older people are discriminated against, can’t find work suited to their skills or aren’t trained in modern technologies. The Business Champion for Older Workers, Andy Briggs and his team have developed specific information and videos. You can view these on the government website. The efforts of the program aim to help older workers and employers alike and to promote the benefits of hiring over 50s – experience and wisdom included.

Covering unexpected costs

A rainy day can hit any of us – and one cost we are not always prepared for is the cost of social care for ourselves or for loved ones. Seek out free advice from your local authority about ways to cover these costs – or use services like a care home broker to help you navigate the care planning process.

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