Commenting on labour market figures released today (Wednesday 14 December) by the Office for National Statistics, Chris Ball, Chief Executive of TAEN – The Age and Employment Network, says:

“This is another set of contradictory figures that will bring little in the way of seasonal cheer to many older jobseekers. While we welcome an increase of 31,000 to 7.4 million in the number of people aged 50-64 in work, it is disheartening to see that long term unemployment continues to be a significant problem for the over-50s.

NHFA, a company owned by the banking giant HSBC has recently been fined a massive £10.5m by City watchdog The FSA for the mis-selling of investment bonds to vunerable elderly people either already in or about to enter care.  And in a further twist, the bank has recently announced that it will move quickly and swiftly to compensate all those involved – an action that could cost it and its shareholders up to £40m.

“We strongly support Financial Planning Week 2011 which reminds us that getting your finances in order and preparing for retirement has never been more important.  Set against a backdrop of record low interest rates, soaring inflation and increasing life expectancy, retirement is likely to be longer than ever, meaning many are faced with a lower level of income. 

“This week should encourage people of all ages to review their finances, particularly those in later life. The latest Silver RPI findings show that over 55s have seen an 18% rise in living costs since 2008 – almost 5% more than the general population, meaning that someone aged 55 or over is now, on average, £978 a year worse off than official measures recognise.

Only 38% of working-age people - 11.6 million out of 30.4 million people - are saving into a private pension, the lowest level in the past ten years, new analysis by the Department for Work and Pensions showed today.