Older workers are one group of people who are at risk of suffering serious and persistent consequences from the economic turmoil arising from the coronavirus pandemic.
Previous research has shown that unemployment shocks have persistent effects on the employment and incomes of older workers. In particular, older individuals who lose their jobs are less likely to secure re-employment, or to find a job on a similar wage to their previous earnings, than younger workers. Being unexpectedly out of work, or on lower wages, in the years leading up to retirement can have obvious negative implications for retirement resources.
In this episode, we speak with Rowena Crawford, IFS Associate Director, who has recently published research on how the pandemic is impacting older workers.