Over 50-s hit by unemployment in Britain

Many over 50-s in Britain are struggling as their standards of living has got worse during the past year.

Falling incomes, rising living costs and higher rates of unemployment are amongst the main causes of the elder’s bleak future prospect.

According to the report based on an analysis of economic data carried out by the centre for economics and business research and a survey of 10,000 over-50s, unemployment rates for the group had increased by almost 70 per cent since recession struck: 43 per cent have been out of work for more than a year.

Even though unemployment is a serious problem affecting both young people and qualified young professional, the elders often find it quite hard to get back into work again, especially when they are close to retirement. Their pensions, moreover, are often unlikely to deliver the income they were expecting, while low interest rates have hit their savings.

Media generally provide much information on how the long-term unemployment has hit the young people hardest, but new statistics show the older generation is probably not the lucky one anymore.