On the one hand, 36 per cent of 55 to 64-year-olds live in households with assets of more than £1m.3 Thirty-one per cent of households in the 55 to 64 age bracket have a second home.4 And 62 per cent of 60 to 65-year-olds live in an owner occupied home without a mortgage, thus greatly reducing their housing costs.5 Many in these groups can look forward to a long and comfortable retirement. [...] On the other hand, 40 per cent of 60 to 65-year-olds are in households with less than £3,000 in savings, 21 per cent live in a rented home and 17 per cent have a gross household income of less than £300 per week.6 And among people of this age living in poverty, most (55 per cent) are disabled at age 65 – double the share of those who are not in poverty (27 per cent). [...] Compared with most other age groups, people aged 60 to 65 have lower hourly earnings, they are more likely to work part-time or to be self-employed, and in the case of couples they are more likely to have only one adult in work.910 Although alternative working patterns can help people aged 60 to 65 to stay in work in a way that suits their circumstances, the chance of being in poverty is much high. [...] Since the pandemic started, the UK has lost nearly 100,000 teaching professionals, 80,000 healthcare workers, and 70,000 construction workers aged 60 to 65.18 Looking forward, between 2024 and 2029 the number of people aged 60 to state pension age is projected to rise by 23 per cent (while the rest of the working-age population will remain stable).19 If the labour market status of people in this a. [...] But it is not reaching its full potential, and support for 60 to 64-year-olds is lower than for any age group.76 SMEs may be put off by the requirement to fund at least 20 per cent of costs up to the first £10,000; awareness of the scheme is low; and waiting times of up to six months result in job losses and recruitment delays.77 • Equality law: Despite protections against discrimination in the Eq.
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- United Kingdom
