An increase in over 65s in the job market could have serious consequences for youth unemployment
Official statistics released yesterday revealed workers over 65 took nearly a third of new jobs created in the past year.
These figures back up a growing market trend - older people do not have enough financial security to retire. Research from the
Prudential suggested one in three people who planned to retire in 2011 have had to scrap these plans.
Employment in specific age groups has fallen over the past year, particularly within younger demographics. But it has grown considerably from 113,000 to 885,000 among pensioners, who have taken 29 percent of new jobs in the past 12 months.
Total unemployment in the last year has risen by 390,000 to 29.2m.
Dr Ros Altmann, one of Britain’s leading old age specialists, predicts that the number of workers aged 65 or over will more than double in five years. According to the director general of Saga this will result in an increase to the pensioner workforce of around 1m.
Experts fear this increase will significantly affect youth unemployment, already close to record levels. There were 963,000 young people looking and failing to find jobs between December and February, up from 951,000 the previous quarter.
Neil Duncan-Jordan, from the
National Pensioners' Convention, said:
'A lot of our members are keen that their grandchildren can get a job. They think the young deserve a chance, but they worry they are not going to get one.'