Number of long-term unemployed older workers is 5 times greater

During the recession and its aftermath, the number of long-term unemployed older workers more than quintupled, the greatest percentage increase out of all age groups, from 325,000 to 1.8 million.

In 2011, more than half of older jobless workers were out of work for at least six months. And 4 in 10 older jobless workers were jobless for a year or more, a percentage no other age group comes close to. In March, workers age 55 and older had an average duration of unemployment of about 57 weeks.

Prospects are dim for older workers who lose their jobs. With commitments like family or a mortgage, less geographic mobility, and often less capacity to switch career tracks, it’s much more immediately precarious to lose a job when you’re older than when you’re younger.

Retirement prospects and later-life well-being can take a big hit. A national survey of workers who lost their jobs during the recession found that a majority age 55 and older experienced a decline in savings while unemployed. Closer to a traditional retirement age, they then have less time than younger workers to replace lost savings.

Limited job prospects make delaying retirement a difficult option, and make forced early retirement more likely.

The job market has changed, too. Older unemployed workers are more likely to have been laid off from industries experiencing structural shifts, like manufacturing. And even just the idea of submitting a resume by email may be unfamiliar to some. That means older workers may need extra training and resources to land their next job in growth industries…

Source:

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 Number of long-term unemployed older workers quintupled. The help hasn’t. – CSMonitor.com.

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