Stress cited as reason for Britain’s disappearing workforce

After retirement, stress was reported as the highest driver of inactivity among healthcare workers across the entire demographic group, the highest across all sectors.

15% of people aged between 50 and 65 in the UK reported stress as the reason they left work.

Work-related stress was reported as the biggest driver of inactivity among 50- to 54-year-olds, some of whom are now considering re-entering the workforce, British government data showed.

Overall, 15% of people aged between 50 and 65 in the UK reported stress as the reason they left work, but this number rises to 21% among the youngest sub-group of 50 and 54-year-olds, the Office for National Statistics said.

After retirement, stress was reported as the highest driver of inactivity among healthcare workers across the entire demographic group in the UK, the highest across all sectors.

The figures shed light on why so many people have dropped out of the labour market since the pandemic and whether they’ll come back. A lack of workers to fill vacancies is pushing up wages and inflation.

The survey collected responses among economically inactive older people, those out of work and not looking for a job. More than 600,000 people have quit the labour market since 2019 levels, with the highest drop-out rate among 50- to 69-year-olds.

A separate report from the House of Lords said changes to the pension system that allowed people over 55 to draw from retirement savings as much as 11 years early also contributed to the surge in inactivity among older people.

Bloomberg