New research from Legal & General has found that Covid-19 has force 1.45 million over 50s in the UK to delay retirement.
The research found:
According to the Office for National Statistics (ONS) People aged 50-64 were hit the hardest as unemployment in April 2020 was 2.6% rose to 4.1% in December 2020.
Legal & General’s data found in the UK there are 429,000 of over 50’s unemployed, that is 25% or 1 in 4 of all unemployed people.
Due to Covid-19, a third of the over 50’s in work (34%) have seen their household income reduce by pproximately 20% of a family’s average monthly spend of £2,537 which is more than the average amount needed to cover all monthly bills after mortgage or rents have been paid (a reduction of £400pm).
Reduced household finances have also led to people reducing their retirement savings.
Virtually everyone has suffered in some way. 2020 was basically a year lost for all, be that retirement, savings, career, family contact or education. The news is all about students being a year or so behind but equally those close to retirement will be a year down too. At least we are still here. There are plenty of people, sadly no longer with us, who would rather be here and a year behind.