Assignment on Financial Planning Articles

Running head: FINANCIAL PLANNING ARTICLE
FINANCIAL
PLANNING
ARTICLE
Name of the Student
Name of the
University
Author Note

AGEING WORKFORCE2
Introduction
The advancements in the medical field have
brought about changes in the health of the individuals
which has increased their overall capability to work
harder and to be independent for a long period of
time (Ageing.ox.uk 2020). However, over the past
few years, the state pension age has remained
stagnant to 60s and according to Jones (2016), this
may be too early for the different individuals and
hence, an individual who is completely capable of
working and earning for themselves may find
themselves unemployed to a great extent. Hence, the
report is primarily focused on analyzing the proposal
of increasing the State Pension Age to 75 by the
year 2035. The society has failed to grasp and
respond to the different needs of the ageing
workforce. Additionally, the working longer has a
considerate potential to improve the health as well as
the overall wellbeing of the individual and gives
them an opportunity to increase their retirement
savings and undertake the full functioning of the
public services. Hence, the report will outline the
different issues of the Ageing workforce in the
United Kingdom and provide financial advice in
consideration of the same. Hence, certain
recommendations to improve the scenario and
Provide a self-dependent scenario for the ageing
workforce will be provided accordingly.
Figure 1: The Pension age in UK
(Source: Ageing.ox.uk 2020).
Issues of the ageing workforce in the United
Kingdom
Various individuals in the United Kingdom
are living longer than before due to the achievement
of the modern science as well as improved
healthcare. Other individuals mention that the older
people form a considerate proportion of the
population and hence, their contribution to the
society is much higher. The individuals are workers,
volunteers, tax payers as well as the careers.
However, according to Ageing.ox.uk (2020), the
United Kingdom is not making most of the various
opportunities which can be afforded by the ageing

AGEING WORKFORCE3
population. The individuals are forced out in the later
life by the unwelcoming attitude at the workplace.
Additionally, very few individuals do not have to
access the training and are not being able to adapt to
the changing labor market. The ageing model also
challenges the United Kingdom`s model of the
service provision and if there exists an older
population, the demand for the public services
increase but questions can be raised about the
sustainability of the current models of the working
health, pension and provision (Shipway et al. 2015).
Additionally, the political issues in regard to the
situation can be referred to be the fact that, the
government does not have adequate policies at place
in regards to the overall management and
consideration which is generally required in the case
of an aged population (Telegraph.co.uk 2020). The
pensions are given to the employees up to a certain
age limit however, the particular population is now fit
enough to work for a longer time frame and hence,
the pension policy is beginning to collapse.
The social issues which are being faced in
consideration are that there are no adequate activities
which can be applied and may be suitable for the
ageing workforce and the options available to the
different individuals are rather limited (Kanabar
2015). In line with this, the increasing ageing
population has a negative influence on the economic
status of the country whereby although this
population has the ability to work and forms an
integral part of the society, however, they are not
contributing adequately. Hence, as the issues have
propped up, the proposal of increasing the State
Pension Age to 75 by the year 2035 seems
appropriate (Jones 2016).
Advantages of employing people beyond the
Current State Pension Age
1. Experience: The primary advantage of
employing the different individuals beyond
the current state pension age can be
understood to be the fact that it will help the
enterprise in performing well as these
individuals have prior experience in the
field.
2. Knowledge: The individuals have prior
knowledge as well and concerning this, they
will be able to contribute effectively to the
overall goals of the enterprise.
3. Good image: Hiring of these employees will
thereby assist in ensuring that the firm can
enjoy a good image in the eyes of the
investors as it encourages inclusion.
Disadvantages of employing people beyond the
Current State Pension Age