Cost of living crisis forcing retirees to return to work

Older workers forced to ‘unretire’ amid cost-of-living crisis

Almost one tertiary (thirty per cent) of workers over the age of 45 no longer have enough income to comprehend bones living costs, with ane in 10 older workers having no choice only to unretire and return to work to brand ends run across as a result, according to research from Working Wise.

The study, sponsored by Santander Consumer Finance, revealed the touch of the “ever-growing” cost-of-living crisis on older workers, with a “huge” 46 per cent of older workers having to change their retirement plans to fund growing bills.

In add-on to the ten per cent of workers who accept come out of retirement, the survey found that 26 per cent of those who have retired said they may need to return or could be tempted back.

Indeed, while two thirds (66 per cent) of older workers would, in fact, similar to irksome down and reduce their hours, almost half (41 per cent) said they can’t beget to.

If it were a viable option, almost two-thirds (63 per cent) of older workers admitted that they would like to accept early retirement, with the majority (48 per cent) citing job dissatisfaction bug, while 34 per cent would like to retire early for health reasons.

Commenting on the findings, Workingwise spokesperson, Mandy Garner, said: “For many older workers, they are stuck between a stone and a hard place, unable to retire but unable to pay the bills in their current roles.

“If we desire to engage older workers and encourage them to stay in or return to the workplace, nosotros need to understand their needs; flexible working is crucial, largely owing to health bug and caring responsibilities.

“Nosotros need to capeesh older workers, show them nosotros value them and create a working environment that enables them to thrive and keep growing. Otherwise they will bound transport.”

    Share Story:

Making alimony engagement enjoyable through technology

Laura Blows speaks to Nick Hall, business organisation development manager and Chartered Financial Planner at Uk-based Wealth Wizards well-nigh the opportunities that applied science provides for increasing people’s date with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the correct tools

In the latest of our series of Pensions Historic period video interviews Francesca Fabrizi, Editor in Primary of Pensions Age is joined past Manuela Sperandeo, Caput of Sustainable Indexing EMEA, BlackRock and Marker Guirey, Executive Manager, Nugget Owner and Consultant Coverage – MSCI to discuss some key trends of ESG investing among Britain pension funds today. Please click hither for an edited write-up of the video

Savings and finance at retirement

Global sustainable credit

Laura Blows speaks to Purple London Asset Direction senior fund managing director, Rachid Semaoune, nigh global sustainable credit

Global equities and transition investing

Pensions Age editor, Laura Blows speaks to Purple London Asset Direction equity investment director, Jonathan Cost, about transitioning to sustainable investments within global equities




Check Also

Masimo (MASI) W1 Watch With Hi to Improve Patient Outcome

Also Available, in Limited Market Release, Is Masimo W1 with Hydration Index, Designed to Provide …