Is 57 Really ‘Too Old’? Challenging Age Stereotypes in Finance

Oct 25 2024 Our Knowledge and Advice

The professional landscape often overlooks the value of age and experience, with Totaljobs' research suggesting that 57 is the average age when candidates are considered "too old".

At EFM, rather than viewing 57 as a limit, we see it as a milestone of accumulated wisdom, experience, and knowledge - invaluable assets, particularly in the finance sector.

The Impact of Ageism on Recruitment

The Totaljobs research highlights a broader issue of age discrimination in recruitment practices. The survey revealed that:

57 is the age when candidates are perceived as "too old" for certain roles.
33% of people over 50 believe they will struggle to find a new job due to age discrimination.
59% of HR decision-makers admit to making age-related assumptions about candidates.
47% of HR professionals believe that a candidate's age affects whether they are a "cultural fit" for the business.

These statistics expose a troubling reality for older professionals- Ageism, is still a major factor influencing hiring decisions.

But is 57 really ‘too old’ to make a meaningful impact in the workplace?

Here at EFM, we think no.

We are a network of experienced finance professionals, many over the age of 57. Our experts bring an unmatched depth of knowledge, strategic thinking, and resilience that can’t be replicated by those with fewer years of experience in the industry.

In the finance sector, where decisions are high-stakes and businesses can face uncertainty, experience is invaluable. Our associates have decades of hands-on expertise that helps them anticipate challenges, identify risks early, and provide long-term stability for clients. Far from being a barrier, age is a competitive advantage, offering businesses the benefit of years of accumulated wisdom.

Age is an Asset, Not a Liability

Despite the clear value older professionals bring, the perception persists that age limits the ability to contribute meaningfully to a business. This bias is reflected in the Totaljobs survey, where nearly half of HR decision-makers admitted that age influences their perception of a candidate’s cultural fit.

But what defines “cultural fit”? Should it be based on someone's age, or on their ability to adapt, collaborate, and lead? Experience shapes culture in ways that go beyond generational boundaries. Older finance professionals bring a blend of tried and trusted practices and the flexibility to navigate modern challenges. They offer mentorship to younger employees and help bridge the gap between older and newer practices or ways of thinking.

Many of our associates over 50 embrace new technologies and innovation, showing that age doesn’t diminish the ability to adapt—it enhances it.

Breaking the Ageism Stereotype in Finance

At a time when 33% of professionals over 50 are ready and willing to work beyond the state retirement age, it’s clear that there’s a significant pool of talent being overlooked due to outdated age-related biases. Financial professionals with decades of experience should be celebrated, not sidelined.

This isn’t just about fighting discrimination; it’s about recognising that age is experience. And experience delivers value that younger professionals—despite their fresh perspectives—cannot yet offer. In a volatile and ever-changing financial landscape, businesses need the steady hand of professionals who have been through it all before and can provide both strategic guidance and practical solutions.

Why Age Diversity Benefits Everyone

Diversity in the workplace is rightly regarded as essential for innovation, creativity, and better decision-making. But age diversity often gets left out of the conversation. The assumption that older professionals are less adaptable or less able to contribute to a company’s evolving culture is misguided. True diversity means welcoming contributions from every generation and understanding that a range of ages creates a richer, more dynamic workplace.

Our finance professionals over 50 have helped shape the future of businesses, not just because of their experience, but because offer businesses the unique blend of mentorship, leadership, and in-depth financial expertise that only decades in the industry can provide.

Moving Forward: Embracing the Power of Experience

Businesses, especially SMEs, can benefit greatly from the insights and wisdom of experienced professionals. At EFM, we appreciate the importance of experience and believe that age should be regarded as an asset rather than a limitation.