If you are over 50, 'purpose' beats money every time
- edsharp100
- Nov 24
- 2 min read
Thanks to 55/REDEFINED for their rich, new study, “Purpose, Pay and Possibilities” carried out amongst 3,500 adults aged 50-70.
If you haven’t yet read the report, below are the top-line findings. Whilst most of the learnings don’t really surprise me, I was intrigued to see that ‘financial literacy’ is the strongest predictor of a happy retirement. Perhaps there’s an easy win here for companies: They could offer financial planning support as a low-cost/high perceived-value benefit to employees in their 40s.
The Key Findings
· “Retirement” is no longer a hard stop.
Only 19% of the 50-70 group expect to stop work entirely. Most want choice, flexibility and purpose in later life.
· Having a ‘purpose’ for your life beats having money.
Purpose is the #1 predictor of a happy retirement (87%) — ahead of wealth, leisure or travel.
· Older workers will trade pay for more flexible lives.
62% would take a pay cut for better conditions; flexibility around working alone would keep 34% working longer.
· Ageism is rife.
41% feel their skills are undervalued — and women feel this most acutely.
· Financial literacy matters more than financial wealth.
It’s the strongest predictor of retirement confidence and wellbeing.
94% of people with high financial literacy are happy in retirement.
· Money worries peak in the early 50s — and then ease.
Stress is highest at 50–54, but optimism rises steadily from 60 onwards.
This research paints a clear picture: the next chapter of life is not about winding down — it’s about redefining how you might work, what your identity becomes as an individual in your 50s and 60s and thirdly the contribution you want to make to family, community and society at large.
For those navigating midlife or later-life transitions, this shift brings both challenge and opportunity. With the right support, the “next act” can be the most purposeful of all.
If you are looking for support as you plan for the next stage of your life, please get in touch with me at https://lnkd.in/eQ4FthhV
