Research suggests COVID-19 crisis may leave next generation of retirees poorer and sicker
A new study commissioned by the Centre for Ageing Better has signalled that the legacy of the coronavirus lockdown may be a ‘lost generation’ of individuals entering retirement poorer, both in terms of their health and financial situation.
The organisation has warned that the COVID-19 crisis could lead to a generation of people in their 50s and 60s entering retirement in poor health and without enough money to support themselves.
Conducted by Ipsos MORI, the research revealed that a fifth of people in this age group have seen their physical health deteriorate during the lockdown period, and over a third say their mental health has worsened.
Over half have had a medical or dental appointment delayed or cancelled, prompting fears that untreated conditions could set back the health of this generation irreparably.
Additionally, of this age group, 37 per cent have been drinking more alcohol during lockdown and 39 per cent have been smoking more.
Alongside the health implications of the coronavirus crisis, the data highlighted concerns over this generation’s financial future.
Almost half of those surveyed stated that they believed their personal finances will worsen over the next year whilst only 39 per cent of those currently furloughed or of working age but not in employment are confident that they will be employed in the future.
Ben Page, Chief Executive at Ipsos Mori, said: “This new survey shows how older people have suffered during the COVID19 crisis – and are likely to suffer afterwards as older workers may – as in 2008 – be more likely to be laid off in the looming recession, and find it harder to get new jobs. It is not just new entrants to the jobs market who will suffer, but also older workers.”
In light of the findings, the Centre of Ageing Better has called on the government to commit to tailored job-seeker support for the over 50s, as well as a focus on improving the nation’s health.
“These figures are deeply worrying. If this generation continues to be an afterthought in the coronavirus recovery, we will see a lost generation entering retirement in poorer health and worse financial circumstances than those before them,” commented Anna Dixon, Chief Executive at the Centre for Ageing Better.
“We know that the over 50s already face serious disadvantages in the workforce, are more likely to be made redundant and struggle more than any other group to get back into work once they have fallen out. And yet this group are being ignored when it comes to proposed actions to support the recovery.
“At the same time, it’s clear that this group also face serious risks to their health. More than one in five have seen their health deteriorate during lockdown. We need to see much stronger action to improve the health of the population and tackle the causes of preventable illness and disability, especially in poorer areas.”
Warning that without action, the impact of lockdown risks creating a ‘lost generation’ of pensioners, the Centre for Ageing Better says tailored job-seekers support for older workers will be essential to protect the financial wellbeing of this age group, as well as helping in the UK’s economic recovery.
Ageing Better has also warned that government efforts to improve the nation’s health must be redoubled to avoid vital progress being lost, pointing out that health inequalities are already on the rise.
If this continues unchecked, the organisation cautions that these inequalities risk becoming entrenched within this approaching generation of retirees.
In particular, the research findings exposed that the unemployed and those who anticipate their finances worsening over the next year are also more likely to have seen their health deteriorate over the lockdown period.
