UK

Older workers forced to 'unretire' amid cost-of-living crisis

 

By Sophie Smith

 21/11/22

Almost one third (30 per cent) of workers over the age of 45 no longer have enough income to cover basic living costs, with 1 in 10 older workers having no choice but to unretire and return to work to make ends meet as a result, according to research from Working Wise.

The report, sponsored by Santander Consumer Finance, revealed the impact 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 addition to the 10 per cent of workers who have 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, like to slow down and reduce their hours, nearly half (41 per cent) said they can’t afford to.

If it were a viable option, almost two-thirds (63 per cent) of older workers admitted that they would like to take early retirement, with the majority (48 per cent) citing job dissatisfaction issues, 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 rock and a hard place, unable to retire but unable to pay the bills in their current roles.

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

"We need to appreciate older workers, show them we value them and create a working environment that enables them to thrive and keep growing. Otherwise they will jump ship.”