Job situation 'bleak for older people'

25 January 2013

Older homeowners might have to consider other financial options, as their job options are currently looking "bleak",  according to Age UK.

Responding to the latest employment figures from the government, the charity noted it is hard for people over the age of 50 to find work after they have been unemployed for more than a year.

Figures released by the Office for National Statistics showed that more than half of all unemployed men aged over 50 have been out of work for more than a year.

For women in the same age group, the data revealed 40 per cent have been looking for a job for over 12 months.

Job creation

Director-general of Age UK Michelle Mitchell said job creation for older people has to be made a priority by the government, especially due to the fact it is increasing the UK's State Pension Age, which means individuals will have to work until later in life.

"Just under half of men and women aged 50 and over who are unemployed have been out of work for more than a year and research shows they find it harder than any other group to find a job," she said, calling on the government to stamp out the discrimination that means it is so hard for older adults to get work.

Those who are finding it hard to get a job might need to look at other options to improve their financial situation and people who own their property outright could be tempted by equity release.

These products allow homeowners between the age of 55 and 95 to unlock money from the value of their house, which they can then spend on whatever they like.

Retirement

Many people find equity release plans enable them to have a far more comfortable retirement than if they had been relying solely on their savings and their pensions to get by.

Data released by the Equity Release Council recently showed that the total value of the market increased by 17 per cent to £925.7 million in 2012, up from £788.6 million in the previous year.

People wanting to learn more about equity release can contact Key Retirement Solutions.