A piece on CNNMoney last week takes on long-term unemployment, and how those still looking for a job years after the recession hit are coping. The part we found interesting in particular discussed how older workers are more likely to be out of work for longer:
Shierholz said the exceptionally large number of older workers who are unemployed is also a major factor.
Statistics show it is tougher for anyone (regardless of age) who has been unemployed more than six months to find work.
But Shierholz’ analysis of 2009 data shows unemployed people aged 55 and older are about 17% more likely to be out of work for longer than six months than their 25-to-54-year old counterparts.
“Older and more educated people are less likely to become unemployed, but once you become unemployed you’re more likely to be unemployed for a long period of time,” she said.
While this is because of a number of reasons, one they address is the experience and former higher salaries that older workers have, so companies anticipate they’re overqualified and won’t stick in a job for long. What employers should know is that according to new study, boomers aren’t going to see real options opening up until 2018. Could they find a better job before then? Of course, but that doesn’t mean they should be out of the game altogether.
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