A growing number of people over 50 are embarking on second careers in entirely new fields, redefining traditional career paths and making a significant contribution to the UK workforce.
This shift comes as many Gen Xers and older millennials seek new opportunities amid a rapidly changing job market.
Over the past thirty years, 73% of the country’s employment growth has been driven by workers aged 50 and over. It is predicted that by 2025, a third of the UK workforce will be over 50 years old. Despite this, age discrimination remains a hurdle, with the Organization for Economic Co-operation and Development (OECD) reporting that only a third of companies would consider hiring. between 50 and 55 years old.
Research from longevity think tank Phoenix Insights shows that a third of people aged 45 to 54 expect to change careers before retiring. Catherine Foot, director at Phoenix Insights, commented: “Second and third careers are becoming increasingly common, with people living longer, meaning the average retirement age has risen. For people aged 40 and over, changing careers can be transformative; it not only helps them find more fulfilling work that makes the best use of their skills, but also allows them to build financial resilience for later life.”
The upcoming National Older Workers Week highlights the potential economic boost that supporting second and third careers provides. With more than 3.5 million people over 50 currently economically inactive, encouraging career changes in this target group is critical to addressing workforce challenges.
Research from the OECD shows that career moves in mid-life are linked to wage growth and a greater likelihood of staying in work into your 60s. Lyndsey Simpson, CEO of 55/Redefined, a campaign group that advocates for age diversity and inclusivity, said: “Second and third careers are becoming an essential part of the working landscape for the over 50s, offering an opportunity to reshape their professional lives and carrying their treasure of experience. Companies that embrace age-inclusive policies and reskilling will unlock the potential of this experienced and loyal workforce.”
While the transition to a new career may require upskilling, especially in digital competencies, 90% of workers aged 55 to 65 believe they have transferable skills suitable for new roles or industries. Popular choices for second careers include purpose-driven roles in charity work, youth services and environmental initiatives, where seasoned professionals feel they can make a significant impact.
Tracey Horn, Executive Director of Cambridge Judge Business School, emphasized the importance of embracing diverse career paths: “It’s important to recognize the diverse, non-linear paths we can take and the different versions of ourselves we may still have. want to be.”