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Press comment: Over 50 employment figures reveal diverging employment paths for men and women

11/10/2018

If you’re covering the Department for Work and Pensions latest employment figures for those age 50 and over, please see the following comment from Rachael Griffin, tax and financial planning expert at Quilter. 

Rachael Griffin“The prospect of working into your mid 60s may not sound appealing to those just starting out in their careers, but more and more people are doing just that. The latest figures from DWP on the sliver-haired workforce reveal people are extending their working lives.

“One stark finding is the noticeable difference between men and women when it comes to their working lives. Men are more likely to work full time until their mid 60s when they will either retire or work part time. Women, on the other hand, are more likely to take a career break in their 30s, returning to work in their 50s.  

“In 2011, for the first time, the employment rate for females aged 50–54 (76.6%) overtook the rate for 35–49 year olds (75.3%) and now the rates both sit at about 80%. While women choosing to have children later in life is no bad thing, it can increase the gender savings gap as women are unable to take advantage of compounding interest or plough any savings from their regular salary into a pension scheme. Add onto this to the ever decreasing but still present gender pay gap and it creates a formula which means that the unfortunate reality is, women who choose to take a career break are potentially setting themselves up for a less prosperous retirement.

“While working later into life might be an option for some at old age and actually might their desired choice, for many with health problems this is frankly impossible or unwanted, creating a situation where you are forced to choose between poverty in retirement or working well into old age. When considering retirement planning, it’s important to be realistic about how long you can work and what may hinder your ability to do so. This will undoubtable have a knock on impact on how much you will need to save to have a comfortable later life.”

For more information contact

Kathleen Gallagher023 8072 629307990 004932kathleen.gallagher@quilter.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.