David Cameron and midlife career changes

David Cameron has recently resigned as an MP. He turns 50 in October and whatever he does next—penning an autobiography, taking up a company directorship or two, or merely enjoying his leisure time—he is sure to have his pick of job offers. But for many others his age, it is more difficult to find employment.

Of those unemployed Britons aged 50 and over, 47.2 per cent have been out of work for a year or more, compared to 34.3 per cent of all unemployed. A report earlier this year by Business in the Community (BITC) highlighted the Missing Million: those people over 50 who are pushed out of work through redundancy, ill health or because of caring responsibilities. A significant number of people in the age bracket 50 to 64 are trying to balance work and caring and face financial, practical and emotional challenges on a daily basis.

The former prime minister will continue to have high earning potential and he will receive a generous pension. The median hourly pay for British workers in their fifties is £12 (compared to £13.03 for workers in their thirties). Research by the Joseph Rowntree Foundation (JRF) shows that four out of five low paid workers are still low earners after ten years. It is not surprising, then, that 30 per cent of working age people cannot afford to pay into an occupational or private pension.

So, what can we do for the average man or woman approaching their 50s? BITC's new report, Age in the Workplace, sets out the case for employing older people. To retain, retrain and recruit workers in this age group, employers can help with financial planning and caring responsibilities, support access to training and allow flexible working. The report also includes ideas such as a mid-life career review to help employees look at their options and plan for the future. As we live and work for longer, we are not likely to stay in the same line of work for our whole career and some jobs, such as manual labour, will be difficult to do into later life. Developing new skills, through access to training and support, will be as important for older workers as it is for younger ones.

JRF has found that while pensioner poverty has reduced considerably in recent years, targeted action is needed to maintain this progress. This includes ensuring better prospects for future generations by improving pay and progression and bolstering the assets of those of working age. Ensuring that more people contribute to savings schemes and pension funds is an important part of this.

A broader point is that with longevity comes an opportunity to rethink and reimagine our lives. Living to the age of 100 will be commonplace for many people who are alive today. Our traditional pattern of a three-stage life—school, work and retirement—won’t be fit for purpose. As the authors of the book “The 100-Year Life” argue, we should think in terms of multi-stage lives. This would involve not just working longer but restructuring our work and social lives to manage a number of transitions and breaks. The challenge here will be to ensure that this is the experience of the many, not just a privileged few.

As David Cameron faces the prospect of turning 50 and changing career, he is in no danger of being written off. We must make sure that the silent majority of his peers enjoy this advantage too.