As employment in Scotland starts along the slow road to recovery, new data from the Office for National Statistics (ONS) shows that young people are facing the biggest challenges post-lockdown with over 60 per cent of 16 to 24-year-olds now unemployed across the UK.
However, those aged 50-64, have also seen the sharpest rise in unemployment in nearly a decade, increasing by 4.1 per cent between October and December 2020, but by contrast, three was also a net gain of 32,000 jobs between February 2020 and February 2021.
The statistics highlight how people in this age bracket are more present in the labour market, but what can you do if you’re suddenly facing a career change in your later years?
Kevin Mountford, co-founder of savings platform, Raisin UK, has shared some advice on how to navigate the job market in mid-life, and make all-important preparations for retirement.
What to do if you face a career change later in life
Nobody wants to be forced to make a career change, especially at the end of your working life. Firstly, consider whether changing roles is a necessity or a choice.
If necessary, take stock of what you want your next role to be. You will have decades of experience to offer and this should be at the forefront of how you sell yourself to a prospective employer.
Additionally, changing careers late in your working life can provide freedom to move into something you may have been interested in pursuing earlier, but didn’t have the financial stability to do so.
If you’re in the position to have less financial obligations, this could be the time to pursue that passion project without chasing a pay packet.
Pension preparation
It’s never too early to start thinking about retirement planning, but if you’re already into your fifties, hopefully you will have started to make provisions already. However, if not, don’t panic.
Here are ways you can commit to preparing for your retirement:
Set out your financial goals and up your pension contributions - your 50s are a great time to do this, as hopefully you’ll be at the peak of your earning potential and may have paid off larger financial obligations, for example, a mortgage
Consider your immediate needs - if you are over 55, some pension providers allow you to cash in up to 25% tax free. If the pandemic and a redundancy has put you in a sticky situation, it’s an option to consider, but remember that the more you take now, the less you have to last in later life
If your pension pot isn’t looking as healthy as you’d like then consider some lifestyle changes - for instance, downsizing your home or releasing equity could be a way to make your retirement more comfortable
For more information about Raisin, the UK savings marketplace, visit www.raisin.co.uk.
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