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Thousands of Over-50s Embrace Second Careers to Pursue New Passions

November 22, 2024

A growing number of individuals over the age of 50 are embarking on second careers in entirely new fields, redefining traditional career trajectories and contributing significantly to the UK’s workforce.

This shift comes as many Gen Xers and older millennials seek fresh opportunities amidst a rapidly changing job market.

Over the past 30 years, 73% of the nation’s employment growth has been driven by workers aged 50 and above. By 2025, it’s projected that one-third of the UK workforce will be over 50. Despite this, ageism remains a hurdle, with the Organisation for Economic Co-operation and Development (OECD) reporting that only a third of firms would consider hiring someone aged between 50 and 55.

Research from longevity think tank Phoenix Insights reveals that a third of individuals aged 45 to 54 expect to change careers before retirement. Catherine Foot, director at Phoenix Insights, commented: “Second and third careers are becoming increasingly common, with people living longer lives which means the average age of retirement has risen. For those aged 40 and over, changing careers can be transformational—not only helping them to find more fulfilling work that makes the best use of their skills, but also enabling them to build financial resilience for later life.”

The upcoming National Older Workers Week highlights the potential economic boost from supporting second and third careers. With over 3.5 million over-50s currently economically inactive, encouraging career changes in this demographic is key to addressing workforce challenges.

OECD studies indicate that midlife career moves are linked to wage growth and a higher likelihood of remaining employed into one’s sixties. Lyndsey Simpson, chief executive of 55/Redefined, a campaign group advocating for age diversity and inclusion, stated: “Second and third careers are becoming a vital part of the working landscape for over-50s, offering a chance to reimagine their professional lives and contribute their wealth of experience. Businesses that embrace age-inclusive policies and reskilling will unlock the potential of this experienced and loyal workforce.”

While transitioning to new careers may require upskilling—particularly in digital competencies—90% of employees aged 55 to 65 believe they possess transferable skills suitable for new roles or industries. Popular choices for second careers include purpose-driven roles in charity work, youth services, and environmental initiatives, where seasoned professionals feel they can make a significant impact.

Tracey Horn, executive director at the Cambridge Judge Business School, emphasized the importance of embracing diverse career paths: “It’s important to recognise the diverse, non-linear paths we can take and the different versions of ourselves we may yet choose to be.”