Wednesday 29th of July 2009
There has been an increase in the number of older workers who have been made redundant, new research has shown.
A study from The Age and Employment Network (TAEN) found that between October 2008 and May 2009, the number of older Britons made redundant increased from 32 per cent to 47 per cent.
Many individuals aged 50 and over may be juggling mortgage, credit card and loan repayments, which were taken out years before the current recession.
However, a debt management plan can reduce the interest on unsecured debt such as credit cards and loans, while their repayment periods may be extended, which could help those people without a regular income.
TAEN’s research also found that the number of senior workers who were "desperate" to get a job increased from 30 to 39 per cent in the same period.
Chris Ball, chief executive of TAEN, stated: "The resultant crisis in savings, pensions and debt has taken its toll and created a need for many older people to keep on working."
Recent analysis of Insolvency Service figures by chartered accountants Wilkins Kennedy discovered that Britons over the age of 65 are being hit with high levels of debt they acquired during the boom years.
By Kimberley Parsons
