Photo: Still the Oldie
The recent recession has forced boomers to expectedly stay employed an average of 2.1 years longer than they planned on before the downturn. But older workers now don’t want just any job.
Civic Ventures and MetLife says that around 31 million workers between the ages of 44 and 70 are in the transition between midlife careers and more meaningful jobs, but these people may find themselves struggling because the latter just doesn’t pay.
“This research highlights the growing trend – even in this economic climate – of experienced Americans who want to apply their expertise and passion to new careers with purpose,” said Dennis White, President and CEO of MetLife Foundation.
For the 9 million older workers who consider themselves to be in “encore careers,” two out of three of them reported receiving a reduced or no income at all during their transition. Out of this group, 24 per cent said they earned no money and 43 per cent said they earned significantly less than they had in their previous jobs.
This income gap between the former jobs and the pursued ones could be taking more of a toll on older workers than younger ones because of the different skills needed to make it in today’s market. It might be more difficult for boomers and older workers to go back to school to get the training they need and, therefore, transition into a fulfilling career that also pays well.
NOW WATCH: Ideas videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.