One in three (31%) are concerned about finding new employment in the event of losing their job ahead of the end of furlough. Two out of five (41%) people over 50 and in work say they are worried about their job security.

Significant money worries
Amidst career uncertainty, this group also faces significant money worries, with 58% concerned about the impact of the pandemic on their long-term savings. The Government’s furlough scheme is set to end at the end of September.

A large number of over-50s are now facing financial worries as a direct result of COVID-19. Over a third (37%) of over-50s have seen their household income decrease during the pandemic, as companies furlough staff while cutting back on wages and head counts.

Meeting everyday living costs
For workers who have seen their income drop, large numbers have turned to their reserves to counter this, with nearly a quarter (25%) having dipped into their savings to help meet everyday living costs.

Over two-thirds (68%) are concerned about their cost of living currently, with a third (35%) reducing their daily expenditure as a result. With incomes impacted, well over half (58%) are also worried about how the pandemic will impact their savings long term.

Source data:
[1] Opinium Research ran a series of online interviews among a nationally representative panel of 2,004 over-50s from 30 July to 5 August 2020. Calculation: 1,076 out of 2,004 UK adults on a separate nationally representative survey counted themselves as aged 50 and over. 1,076 / 2,002 * 52,673,000 = 28,281,511. On the survey of 2,004 over-50s, 343 said they were currently working and were concerned about job security. 343 / 2004 * 28,281,511 = 4.8 million

Content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements or constitute a full and authoritative statement of the law. They should not be relied upon in their entirety and shall not be deemed to be, or constitute advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.