Cost of living crisis pushes more and more over-50s back to work
Recent data from the Office for National Statistics (ONS) reveals that an estimated 32.7% of over-50s in the UK are currently in employment which is a rise of 1.2% compared to last year.
Furthermore, ONS data shows that the number of over-50s in part-time work has increased steadily over the past decade. Today’s estimate of 3.5 million people is 26% higher than it was in 2013 and 5.5% higher than in 2022. As such, over-50s now account for 42.1% of all part-time employees aged 35+.
A big reason for this increase of over-50s in employment is a rise in the number of retirees returning to work. Now, iad UK has commissioned a survey of 1,156 people in the UK who have previously retired but since returned back to work, hoping to gain a better understanding of why people are going back to work, what sectors they’re working in, and how many hours they’re now spending in the workplace.
The survey reveals that 42% of ‘un-retirees’ have been driven back to work by financial pressures created by the current cost of living crisis.
Another 30% say they’re looking for a way to supplement their retirement income, while 28% are simply looking for a way to occupy their time.
When asked what kind of work they’re now doing, the most common answer among the UK’s un-retired over-50s is labouring, with 30% saying they work in positions of either skilled or unskilled labour.
27% are working in retail, including supermarkets; and 16% have taken driving jobs such as parcel delivery.
14% have taken positions in hospitality, 11% are cleaning, and 3% are earning money by delivering food.
The survey goes on to reveal that un-retirees are often working long hours.
32% report working 30+ hours a week, while 14% are working 21-30 hours, and 11% are working between 16-20 hours.
There are, however, those who are working far fewer hours, with 28% saying they work up to 5 hours a week. 8% work between 6-10 hours, and 7% between 11-15 hours.
For many, these working hours are too long. When asked how many hours they’d ideally like to be working at this point in their lives, 36% said no more than 5 hours a week, and 8% said between 6-10 hours.
That’s not to say that all un-retirees are looking for short hours. In fact, 13% say they would like to be working 30+ hours, while 17% want between 21-30 hours.
When it comes to earnings, 39% of those surveyed say they earn up to £10,000 per year. 43% earn between £11,000 and £30,000, and 18% earn £30,000+.
36% say that they don’t earn enough money to meet their wants or requirements, despite so many working long hours.
But it’s not just money that’s important.
82% say flexible working hours are important to them in their return to work. 25% need to be able to work around child or grandchild care; 23% need to care for a family member or loved one; and 22% want their job to work around their passion for foreign travel and holidays.
A further 18% want flexibility around their hobbies and social groups, while 12% need to be able to accommodate the additional volunteer work they’re engaged with.
Lee O’Brien, Managing Director of iad UK, said: “The fact that more retirees are going back to work shouldn’t go unnoticed. It says an awful lot about the financial situation many find themselves in, or the lack of confidence they have in their hard-earned savings being enough to see them through an enjoyable retirement. That said, returning to the workplace in your 50s or 60s can be a real source of joy and satisfaction. But it’s important to find a job that suits your wants rather than simply fulfilling your needs."
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