Commenting on today’s UK labour market statistics,1 Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Today’s official figures report a record 32.6 million people in work in the UK.
“Credit must go to the over-50s who are at the forefront of this increase. Over the past year, the total number of people in work in the UK has increased by 444,000. Seven in ten (70%) of these workers are aged 50 and over. There are now a record 10.4 million workers in the UK aged 50 and over. Aviva estimate that this age group will represent more than one-in-three workers in the UK in the coming decade.
“The number of people who define themselves as “retired” before the age of 65 is falling – down 39,000 in the past year. The number of women who define themselves as “retired” before the age of 65 is at a record low of 642,000.
For many, an ‘early retirement’ is increasingly a thing of the past as we look to fund longer retirements, while many continue to enjoy the satisfaction work can bring.
“There is a need for employers to support their growing army of older workers. For example, Aviva is introducing Mid-Life-MOTs for its workers aged 45 and above – helping them consider their longer-term wealth, work and wellbeing plans. In our ageing society, age must be no barrier to opportunity at work”.
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Notes to editors:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 19.6 million (as at 31 August 2024) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at at www.aviva.com/sustainability/climate and our sustainability ambition and action at www.aviva.com/sustainability.
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 30 June 2024, total Group assets under management at Aviva Group were £398 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2024 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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