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Work-related stress was reported as the biggest driver of inactivity among 50-54 year-olds in the UK, some of whom are now considering reentering the workforce, government data showed.
Overall, 15% of people aged between 50-65 in the UK reported stress as the reason they left work, but this number rises to 21% among the youngest sub-group of 50-54 year-olds, the Office for National Statistics said. After retirement, stress was reported as the highest driver of inactivity among healthcare workers across the entire demographic group — the highest across all sectors.
The figures shed light on one of the biggest puzzles UK economists are studying: why so many people have dropped out of the labor market since the pandemic and whether they’ll come back. A lack of workers to fill vacancies is pushing up wages and inflation.
The survey collected responses among economically inactive older people — those out of work and not looking for a job. More than 600,000 people have quit the labor market since 2019 levels, with the highest drop-out rate among 50- to 69-year-olds.
A separate report from the House of Lords on Tuesday said changes to the pension system that allowed people over 55 to draw from retirement savings as much as 11 years early also contributed to the surge in inactivity among older people.
The pandemic was the most commonly reported reason among people aged 50 and over for leaving work in the arts, personal services and hospitality sectors, whereas retirement was the biggest reason for drop-outs in the civil service, local government and healthcare industries, indicating that labor shortages could potentially prove sticker in the public sector.
A cost-of-living crisis is driving many to consider returning to work, particularly people at the lower end of the bracket that dropped out. Almost a fifth of 50- to 65-year-olds that haven’t yet returned to work told the ONS they were looking for a paid job. More than a third of those — 37% — said they wanted a career change.
