While the decision to move the pension age from 66 to 68 has been postponed until after the next general election, and is instead scheduled to rise 67 in a phased manner between 2026 and 2028, the question remains: what does this trajectory mean in the wider context of our current working lives?
The UK’s move to increase the pension age echoes France’s contentious plan to increase the pension age from 62 to 64, as governments look for ways to manage increased life expectancy, an ageing population and public finances under unyielding pressure.
Reality bites
According to the latest census for England and Wales, conducted in 2021, over 11 million people—18.6% of the population—were aged 65 and older. This figure was 16.4% in 2011 and is predicted to be 22% of the population by 2031.
Research from the Stanford Center on Longevity (SCL) predicts that many of today’s children can expect to live to the age of 100, meaning people working into their eighties and nineties could become the norm by 2050.
But is this feasible? For those aged 50 and over today, poor physical and mental health as well as workplace environment are key reasons for early departure from the workforce.
It’s also been estimated that those who are still working at 50 have approximately 10 years of healthy working life expectancy, with those who are self-employed faring slightly better at around 11 years.
Change of pace
One way employers can help their workforce achieve and withstand a 60-year career in the future is by implementing policies that have longevity and wellbeing in mind.
For starters, flexible working is key. While many organisations have already made strides in facilitating flexibility around where staff work, adopting a flexible or non-linear mindset around when people work is essential.
Continuous learning is also essential: the World Economic Forum’s Future of Jobs Report 2020 predicts that half of workers will need reskilling by 2025 as companies adapt to advances in technology to streamline processes and capitalise on efficiency.
The bottom line is that future-proofing a 60-year career is only possible if long-term strategies are put in place now. The London Economic Job Board is the perfect place to start creating your own long-term strategy—it features thousands of jobs across the capital in companies that are innovating and adapting, like the three below.
EMEA Rates Business Manager, SVP, Citi, London
Citi is seeking an EMEA Rates Business Manager, to focus on non-linear trading and structuring, covering hybrid interest rate derivatives and structure issuance and trading businesses. You’ll drive the delivery of key business initiatives and provide support for core business management tasks. Liaising with support functions, you’ll build relationships with credit risk, market risk, operations, finance and technology to develop, and deliver on business strategy. You’ll also create and provide effective metrics to the sponsors and senior management team. To apply, you’ll need 10-plus years’ business management, finance, operations, audit or related experience within global financial services firms. And a demonstrated working knowledge of the financial services industry with focus on markets products (Fixed Income). View more details here.
Audit Manager, Finance and Borrowing, Monzo, London
Monzo is looking for an Audit Manager to join its finance and borrowing team. You will grow out a team of three fellow auditors and be responsible for leading audit delivery across finance and borrowing. You will also support the development and execution of a flexible audit plan in accordance with internal audit methodologies and regulatory requirements, deliver value-adding and insightful audit reports and manage the validation of issues raised in prior audits. Applicants will need a good understanding of IIA standards and have a relevant qualification (IA, IRM, ACCA, ACA, CIMA, CPA or CFA) along with proficiency in data analytics and interpreting data, with significant practical experience with SQL. See the full job description here.
Product Manager – Savings, Metro Bank PLC, London
As the Product Manager for Savings you will support the definition and delivery of product strategy and new/refined propositions. You will work closely with the lead product manager for deposits and the everyday banking value stream to deliver small and large changes in support of the deposits strategy. In addition, you will own ongoing product management for a defined suite of accounts as well as take the lead on specific deposits projects. To apply you should have experience of product development and/or product management, experience of working in an agile environment and an understanding of the regulatory environment surrounding deposits and risk management principles. Find out how to apply here.
For more exciting career opportunities visit The London Economic Job Board today
