- One fifth (18%) of older workers don’t feel valued as an older worker
- Only a quarter (25%) of employees say their employer has introduced new policies aimed to support the older workforce
At a time when many older workers are considering returning to work as the cost-of-living soars, research from Canada Life1 reveals that nearly a fifth (18%) of older workers say they don’t feel valued as an older employee. Over a quarter (28%) of 55+ workers say there are less opportunities for them to progress in the workplace.
Currently, only one in four (25%) employers have introduced policies specifically aimed to support the older employees. When asked what was important in supporting them in the workplace, over three-quarters of older workers said appropriate workplace benefits (77%).
Dan Crook, Protection Sales Director, Canada Life, comments:
“The cost-of-living crisis is putting significant pressures on household finances. Not only is it forcing the older generation to continue working for longer, but in some instances is causing people to do a u-turn on their retirement plans and re-enter the workforce.
“The workplace should be an inclusive environment for people of all ages, and employers need to recognise the different measures and practices required for different employee demands. However, our research highlights that there is still a large number of employers who are yet to introduce policies aimed at supporting the older workforce. Looking ahead, employee attraction and retention will be vital. Benefits such as group life, group income protection, group critical illness cover, and support services, are called out as examples by employees to help recruitment and retention of a diverse workforce, where everyone feels valued.”
ENDS
Notes to editors
- Survey conducted by Opinium among 2000 UK adults between 21-25 October 2022.
Enquiries:
Press enquiries should be directed to:
Amelia Graham at Vested, 07393 477057, canadalife@fullyvested.com
Paul Keeble at Canada Life, 07833 085387 Paul.Keeble@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 30 million customers worldwide and £1.341 trillion assets under administration (as at 31.12.21).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Platform Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (UK) Limited, and is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 8395855. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.