Pandemic early retirees more likely to face poverty, IFS finds

Workforce leavers in 2020-21 more likely to have been 'forced' into early retirement

Jasmine Urquhart
clock • 3 min read

Those aged between 50 and 70 who left the workforce in 2020-21 are more likely to end up in poverty in the year of exit than those in previous years, a report from the Institute for Fiscal Studies (IFS) finds.

The think tank's 2023 Living standards, poverty and inequality in the UK report primarily looked at data from the UK Household Longitudinal Study and the Office for National Statistics' Annual Population Survey to track self-reported wellbeing measures among those who recently left the workforce. The data showed those in the age group who became economically inactive the following year (2021-22) had similar outcomes to those pre-pandemic, suggesting a "particular cause for concern" among those who left the workforce during the pandemic (2020-21).  Source: IFS The report found many o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Verso rejects platform incentives model, says adoption must be earned

Verso rejects platform incentives model, says adoption must be earned

Nucleus-built platform rolled out across advice group with no mandated use as consolidator targets £5bn AUM

Sahar Nazir
clock 27 June 2025 • 2 min read
Number of highly vulnerable clients slides

Number of highly vulnerable clients slides

Dynamic Planner research finds

Jen Frost
clock 27 June 2025 • 2 min read
Anthony Carty: Why the nuance of private equity in advice matters

Anthony Carty: Why the nuance of private equity in advice matters

When done right, PE can help deliver sustainable growth for the whole market

Anthony Carty
clock 27 June 2025 • 4 min read