The old adage ‘life begins at 40’ may apply to some facets of life but if you are a mature worker trying to find new employment, it may seem difficult to believe.
Whilst youth unemployment has hit the headlines in reaching record levels, senior workers have an equally tough job trying to persuade an employer to consider them for a position.
With redundancies hitting many firms and self-employed workers struggling to survive, more and more jobseekers are over the age of 50. Experts have warned that the economic recovery could be affected by this trend, with the over 50s appearing to be the age group which fares the worst when it comes to long term unemployment.
One in four unemployed 18-24 year olds have been out of work for more than 12 months. This figure jumps to more than half amongst over-50 job seekers. However, economists have predicted that longer life expectancy means that by 2020, one in three workers will be aged over 50.
A work force which is increasingly comprised of older workers can only be a good thing for the over 50s who, at present, may struggle to get an application considered, despite having relevant experience. However, whilst this will help in the future, mature workers who are currently out of work still face an uphill battle.
Many senior workers are able to find part-time jobs or casual work such as cleaning, but for those seeking full time employment to sustain their monthly commitments, this is rarely a sufficient replacement. And faced with either an extended period on state benefits or simply a meagre income, it can be all too easy to accumulate debts.
Across the UK, more people than ever are relying on credit to pay for basic living essentials but without a salary to cover the monthly repayments, debts can quickly spiral out of control.
It can be tempting to borrow money in the hope that you will soon find work, safe in the knowledge that once you start earning again you will be able to pay it back. Unfortunately, many people are finding they are out of work for longer than they anticipated and this can lead to unmanageable levels of debt.
If you are struggling to cope with your unsecured loans, you may find it useful to talk to a professional debt management company such as Baines and Ernst.
Baines and Ernst have been helping people with their financial problems since 1996 and could provide you with advice and practical assistance to stop your debts getting out of control.
There are a number of solutions which Baines and Ernst offer, including Debt Management Plans and Debt Relief Orders, as well as IVA and Bankruptcy Advice.
Debt Management Plans are often worth considering as they offer flexibility and allow you to increase your repayments when your financial position improves. It just takes a telephone call to one of the trained debt advisors at Baines and Ernst for more advice on what solutions could help you most.