Aging Workforce Driving Economic Growth In U.K.

Research suggests that the number of employed individuals within the U.K.’s workforce that are over the age of 50 is at all-time highs.

The number of employed individuals aged 50 and above has reached an unprecedented level in the United Kingdom.

According to a recent study published by Rest Less, a digital community designed for those aged 50 and over, the age demographic now comprises one-third of the total U.K. workforce.

Over the past three decades, employment among individuals aged 50 to 64 has increased by 16% — rising from 56 to 72 percent. This trend suggests the increasing importance of older workers in driving the nation’s economic growth and productivity.

Notably, as the U.K. population continues to age in the coming years, the number of employees aged 50 and above will approach parity, or nearly the same, as those aged 35 to 49.

“Falling fertility rates, medical advancements and a whole host of other societal changes that have taken place across many decades have resulted in a seismic shift to the demographic makeup of a typical workplace today,” said Rest Less CEO Stuart Lewis. “Smart, forward-looking organizations are starting to take advantage of the many benefits of age diversity and harness the diversity of thought, different approaches to problem solving and the marriage of experience and new perspectives that can be achieved through the huge value of multigenerational teams.”

These developments have challenged traditional notions of retirement and redefined the role of older individuals in the workforce. Consequently, organizations and policymakers should adapt to this new reality by implementing policies and initiatives that support the continued age-diversity in the workforce.

The report suggests implications of this milestone extend beyond an immediate economic impact. As workforce demographics change in the U.K., as well as in other countries experiencing similar trends, businesses can embrace the skills, experience, and knowledge that older workers bring to the table.

By promoting an age-inclusive workforce and providing opportunities for meaningful employment, businesses can experience the benefits of a multigenerational workforce.