Leeds, United Kingdom (PressExposure) March 08, 2012 -- A TUC report published this week says that a quarter of a million more people aged in their late 50s and early 60s are now working unpaid overtime than were a decade ago. People in the UK already work longer hours than their EU counterparts, with the UK average at 42.7 hours per week, compared with a 41.6 average in the rest of the EU. And it seems the burden is falling more heavily on older people in their 50s and 60s.
The trade union organisation said it had found that 660,000 workers in this age group put in unpaid hours in 2011. That was 250,000 more than had done so in 2001.
The rise is said to have filtered through to older workers from the long-hours culture that is prevalent among younger employees. But that the rise was now out of line with much of the working population, where unpaid overtime had fallen.
Looking back over the past 10 years, the TUC reports that the biggest rise in those doing free unpaid work or unpaid overtime was among those in their 50s and 60s.
The TUC report suggests that this rise in unpaid hours in older workers and people working past the normal retirement age reflected the general concerns about income in later life, for those who are nearing retirement age.
With the value of savings and pensions plummeting due to low interest rates and poor returns on investments, many pensioners and those nearing pension age are very worried about the future. These concerns are compounded by the increasing dependence that younger generations have on parents and grandparents to help them out financially. Rising house prices at the same time as high living costs and stagnant wages means many older people are now helping their children and grandchildren onto the property ladder, or supporting them to live back at home while they try to find work.
The pressure on older people has never been greater, and many are working well past normal retirement age to ensure that both they and their families can have financial security and good quality of life.
While nobody can control the economic climate that leads to such changes, each of us can ensure we protect ourselves as much as possible from its negative effects through good and thorough financial planning. To ensure you make the right financial choices, experts recommend that you always seek the expert advice of an independent financial adviser.