More than half of over 50s who have been made redundant in the past three years have had to take a completely different role or work in a new sector to get back into employment, according to research from equity release adviser Key Retirement Solutions.

The research also shows over-50s take on average 4.7 months to get back into work.

Meanwhile, 77% over-50s made redundant in the past three years took a pay cut to get back into full-time employment, while 45% report having to take a “considerably lower” salary.