It’s hard graft for today’s pensioners

Johnson Reed
2m read

For a long time the country has been lauding the praises of the ‘baby boomer’ generation of the post-war years. But now it seems that the baby boomers have suddenly turned into pensioner bloomers. The government can’t afford their upkeep, and nobody wants to look after them in their old age.

So, what’s the answer? ‘Keep calm and carry on working’ could be the new ethos. Apparently more and more of us are working beyond state pension age (SPA), as much to do with a finance necessity as believing that ‘65 is the new 35’ and an active mind and body is good for you – whatever your age.

Here are some facts, according to the Office for National Statistics: The number of people of SPA and above in employment has nearly doubled over the past two decades. Around two-thirds of older workers are part time, but generally doing shorter roles with the same employer. Men stay on in higher skill jobs, while women are in lower skill roles and the South East has the highest percentage of people aged above the SPA in employment. 51 per cent are in small organisations of fewer than 25 employees.

And the good news for Johnson Reed is that older workers are far more likely to be self-employed than their younger counterparts: 32 per cent above SPA compared with just 13 per cent of those below SPA. That news has cheered us up as we move inexorably towards our own old age – more and more potential clients looking for leasing finance for their baby-booming businesses.