<\/p>\n
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.<\/p>\n
Significant money worries<\/strong> 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.<\/p>\n Meeting everyday living costs <\/strong> 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.<\/p>\n Source data:<\/strong> Over-50s concerned about job security due to COVID-19 pressures The coronavirus (COVID-19) pandemic crisis could leave the next generation of retirees significantly poorer and sicker. 4.8 million people over 50 and in work fear losing their job because of the COVID-19 pandemic, according to new research that reveals fears of finding a new role[1].<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/3280"}],"collection":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/comments?post=3280"}],"version-history":[{"count":0,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/3280\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/media?parent=3280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/categories?post=3280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/tags?post=3280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAmidst 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\u2019s furlough scheme is set to end on 31 March 2021.<\/p>\n
\nFor 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.<\/p>\n
\n[1]\u00a0Opinium 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<\/em>\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"