Archived article: Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Ageism is probably the least talked about “-ism”, despite every one of us ageing.
Preparing for retirement is something we discuss frequently on the Money Matters podcast - we’ve written heaps about growing a pension, consolidating your pots and how even adding small amounts has a big effect.
Clearly, saving (and investing) for retirement is a brilliant step to help your “future self”. So how can we make sure we don’t fear our futures, and help tackle ageism?
Who does ageism affect?
50% of people over 50 in the UK experienced ageism last year according to the Centre for Ageing Better. It could be in the form of a snarky joke at work, receiving lower quality service in a shop or restaurant, or in extreme cases losing a job based on seemingly nothing but your age. It’s astonishing to learn that 57 is the average age candidates are considered “too old” for job roles according to Totaljobs, a time where so many feel more themselves than ever.
Last year, Danni spoke to legendary choreographer Arlene Phillips about her experience of ageism which was splashed across national papers following her sacking from the Strictly panel, and how she is advocating to stop it. Listen back to hear more about her incredible life.
Women in the UK live around four years longer than men on average, but due to gendered ageism (the intersectionality between ageism and sexism) women in particular face unique age related challenges and biases. From anti-ageing skin products to perceived incompetence with certain skills, 80% of women aged 18-70 have experienced gendered ageism.
Ageism clearly affects young people too. A McKinsey report recently found that about half of women under 30 say their age played a role in missing out on work opportunities, and these women are nearly twice as likely as younger men to receive unwanted comments about their age. 75% of 18–29-year-olds say they’ve been badly treated because of their age. Clearly any person, at any age can experience ageism.
Don’t fear your future
That’s why we’ve partnered with Ageism Is Never In Style®, an award-winning and trailblazing platform and movement dedicated to creating a truly age-inclusive society. Our campaign #DontFearYourFuture encourages you to have discussions about your future with friends and family. As founder Jacynth Bassett says, “to live means to age, and to age is a privilege”. So don’t feel shame in talking about future plans and getting older. Figure out what the small things are that you can do now to help financially in the long run.
The first (and free) step? Make sure you’re signed up to the Money Matters email newsletter. You’ll receive the top picks and tips in a special edition newsletter from founder of Ageism Is Never In Style®, Jacynth Bassett. We spoke to her on the podcast about what drove her to take action and create a thriving global community, plus you can sign up to the Don’t Fear Your Future webinar where Danni will host an intimate conversation with Jacynth and Money Matters founding ambassador Helena Morrissey which you won’t want to miss.
Saving for your future
Check out some of our previous articles and pod episodes for our experts’ top tips to save for your future, and keep an eye on our socials for more from the #DontFearYourFuture campaign.
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Jenny Putley: Head of Campaigns
Jenny Putley is AJ Bell's Head of Campaigns. She joined the company in 2016 as a Dealing Services Agent, helping customers understand their investments, before moving to the PR team. In her current role, Jenny...
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