The UK is falling behind other Organisation for Economic Co-operation and Development (OECD) countries in their utilisation of older adults in the workforce.
According to research from the Resolution Foundation, Britain is 15th out of 34 nations for using older workers, trailing behind the leading five countries by 15 percentage points.
To catch up, an extra 1.5 million over 50s would need to enter the workforce. The Resolution Foundation claim this would also help older adults save for retirement.
Gavin Kelly, chief executive of the think tank, said: "Older workers have fared comparatively well in our jobs market in the last decade but the truth is we’re still nowhere near the podium internationally."
This means many people are being deprived of the ability to save as they get older, despite the fact that they are still willing and able to work.
The study highlights the importance of harnessing the power of older 50s and their knowledge base to compete internationally and improve domestic situations.
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