Thousands of over-50s are choosing to embark on a ‘second career’
LOS ANGELES: A career path once meant working for the same firm for 40 years, then proudly collecting a carriage clock and hefty pension on retirement. Those days are long gone and Gen Zs entering the workforce now expect to have six different careers across their working lives.
But what of the generations stuck between the Baby Boomers and upcoming “freelance first” Gen Alphas?
For Gen X in their 50s and older fortysomething millennials, navigating the fast-changing world of work needs new thinking. During past 30 years, 73 per cent of the nation’s employment growth has come from workers aged 50-plus and by 2025, one third of the UK workforce will be aged over 50.
However, ageism remains a challenge. Statistics from the Organisation for Economic Co-operation and Development (OECD) intergovernmental organisation suggest only a third of firms would hire someone aged 50 to 55, making it difficult for mature staff to carry on climbing the corporate ladder in their existing careers.
For others, having reached the top, freedom from financial and caring commitments leaves them able to follow their passions with a fresh career path.
As a result, thousands of over-50s are choosing to embark on a “second career” in an entirely new field. Research from the longevity think tank Phoenix Insights shows a third of the current 45 to 54-year-old cohort expect to change careers before they retire.
Phoenix Insights’ director Catherine Foot explains: “Second and third careers are becoming increasingly common, with people living longer lives which means the average age of retirement has risen. For those aged 40 and over, changing careers can be transformational — not only helping them to find more fulfilling work that makes the best use of their skills, but also enabling them to build financial resilience for later life.”
Next week is National Older Workers Week and the rise of the second career could potentially boost the UK economy too. With more than 3.5 million over-50s currently economically inactive, supporting second and third careers is key to tackling this challenge.
OECD studies show that midlife career moves are also associated with wage growth and a far higher likelihood of remaining in work in your sixties. For professionals changing sector, the influx of fresh skills and viewpoints can build stronger and more resilient multi-generational teams, benefiting business too.
“Second and third careers are becoming a vital part of the working landscape for over-50s, offering a chance to reimagine their professional lives and contribute their wealth of experience,” explains Lyndsey Simpson , chief executive of 55/Redefined, a campaign group focused on advocating for age diversity and inclusion.
“Businesses that embrace age-inclusive policies and reskilling will unlock the potential of this experienced and loyal workforce. If you’re not thinking about age diversity, you’re missing a key part of building a stronger, more successful future for everyone.”
While staff embarking on second and third careers may need upskilling, especially in the digital sphere, nine in ten employees aged 55 to 65 believe they have transferable skills to move into new roles or industries.
Top second career choices include purpose-driven roles, including charity, youth work and environmental jobs where senior staff believe they can have the greatest positive impact.
Tracey Horn, executive director at the Cambridge Judge Business School, concludes: “It’s important to recognise the diverse, non-linear, paths we can take and the different versions of ourselves we may yet choose to be.”