Unemployment in over-50s ‘could lead to debt troubles’

The number of people aged 50 and over requiring debt management help may soon increase, new figures have suggested.

Research carried out by Age UK discovered long-term unemployment figures for individuals in this age bracket have swelled to a ten-year high.

This figure soared by more than 50 per cent in the last 12 months alone, the study showed.

And the organisation warned planned changes to working age benefits could see this statistic worsen in the near future.

The report highlighted two-in-five of the 50-plus unemployed population have been out of a job for more than a year.

This calculated at a total of 170,000 individuals facing the financial stress of being without work over a long-term period.

Moreover, this sum rocketed by 52 per cent in the last year and by 18.6 per cent across the last quarter – marking the highest percentage rises among any age group.

It also signalled the greatest levels since June 1997.

The investigation showed men are the worst affected when it comes to job security, as they make up over three-quarters of the 50-plus out-of-work band of society.

However, the number of women in this age category also escalated by a third over the last quarter.

Age UK warned taking people off Incapacity Benefits will add to this concern, with the number of older workers in search of employment set to elevate by more than three-quarters of a million.

Michelle Mitchell, charity director at the organisation, said the government must lay the foundations for a better job market for the elderly.

UK residents over the age of 66 were recently warned to be wary of travel insurance hikes as those who reach this milestone may have to pay considerably more than 65-year-olds.

By James Francis