Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Thousands of Over-50s Embrace Second Careers to Pursue New Passions

by November 22, 2024
November 22, 2024
Thousands of Over-50s Embrace Second Careers to Pursue New Passions

A growing number of individuals over the age of 50 are embarking on second careers in entirely new fields, redefining traditional career trajectories and contributing significantly to the UK’s workforce.

This shift comes as many Gen Xers and older millennials seek fresh opportunities amidst a rapidly changing job market.

Over the past 30 years, 73% of the nation’s employment growth has been driven by workers aged 50 and above. By 2025, it’s projected that one-third of the UK workforce will be over 50. Despite this, ageism remains a hurdle, with the Organisation for Economic Co-operation and Development (OECD) reporting that only a third of firms would consider hiring someone aged between 50 and 55.

Research from longevity think tank Phoenix Insights reveals that a third of individuals aged 45 to 54 expect to change careers before 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 National Older Workers Week highlights the potential economic boost from supporting second and third careers. With over 3.5 million over-50s currently economically inactive, encouraging career changes in this demographic is key to addressing workforce challenges.

OECD studies indicate that midlife career moves are linked to wage growth and a higher likelihood of remaining employed into one’s sixties. Lyndsey Simpson, chief executive of 55/Redefined, a campaign group advocating for age diversity and inclusion, stated: “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.”

While transitioning to new careers may require upskilling—particularly in digital competencies—90% of employees aged 55 to 65 believe they possess transferable skills suitable for new roles or industries. Popular choices for second careers include purpose-driven roles in charity work, youth services, and environmental initiatives, where seasoned professionals feel they can make a significant impact.

Tracey Horn, executive director at the Cambridge Judge Business School, emphasized the importance of embracing diverse career 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.”

Read more:
Thousands of Over-50s Embrace Second Careers to Pursue New Passions

0
FacebookTwitterGoogle +Pinterest
previous post
Business Owners Criticise Tax Hikes, Urge Chancellor Not to Hinder Growth
next post
Royal Mail warns of £120 million cost increase due to National Insurance rise

You may also like

KFC announces £1.5bn UK investment to upgrade restaurants...

May 27, 2025

Drop in bank lending adds to fears that...

October 30, 2023

Nationwide Building Society Announces Third Round of Job...

February 24, 2024

Axe £4bn-a-year share tax holding back stock markets,...

August 29, 2023

Marmite and Dove maker Unilever warns of more...

February 9, 2023

Liverpool hotels cancel Eurovision bookings as rates hit...

October 10, 2022

Blockchain and the Complexities of Data Ownership

July 17, 2023

CBI says UK set to dodge recession, but...

June 12, 2023

UK Chancellor signs financial services agreement with EU

June 27, 2023

Ministry of Foreign Affairs of Ukraine Started Call-Center...

August 8, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,570)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved