More than a third (37%) of workers aged 55 and above would consider leaving their job if their ability to work flexible hours was reduced or restricted, according to research from the Standard Life Centre for the Future of Retirement.
The research, based on a survey of 4,000 UK adults either in, or currently looking for employment, also found that 30% of respondents over the age of 55 and 48% of all workers would think about quitting if their employer limited their ability to work flexibly in different locations, such as working from home.
Despite this, one in four (25%) would take a pay cut in exchange for more flexible working options.
According to the report, the advanced manufacturing and life sciences industries are ageing faster than the wider economy. It also highlighted that the premature loss of experienced employees aged 50 and over is estimated to cost the UK economy £31 billion annually in lost output.
Patrick Thomson, head of research analysis and policy at the Standard Life Centre for the Future of Retirement, said: “Flexible work can be the difference between retaining skilled employees or seeing them walk out the door. It can help many workers in their 50s and 60s to balance their work with factors such as health or caring responsibilities.
“If we want to drive growth in the economy, we can’t afford to lose their experience. As people live for longer, it’s important that employers and policymakers continue to make it easier for people to work for as long as they want or need to, so they can save enough for a good quality retirement.
“That means normalising age-diverse recruitment, investing in lifelong learning, and offering the flexibility people need to balance work with health and caring responsibilities. Retaining experienced workers boosts productivity, eases pressure on public services, and supports long-term economic growth. Backing older workers isn’t just the right thing to do, it’s smart economics.”
