Quarter of retirees considering return to work due to cost of living crisis

‘People in all walks of life are feeling the pinch,’ researchers say

Steve Richmond
Thursday 06 October 2022 08:22 BST
Many fear they will have to rejoin the workforce within a year (Yui Mok/PA)
Many fear they will have to rejoin the workforce within a year (Yui Mok/PA) (PA Archive)

One-quarter of retired adults are considering a part time job to keep afloat during the cost-of-living crisis – and one in six have already gone back to work.

A survye of 1,500 retirees found that of those on the lookout, 59 per cent had already made enquiries locally to see what work might be available to help make ends meet.

And 74 per cent are not keen to reintroduce themselves to working again but are prepared to do so.

It also emerged adminiistration, retail and general office roles would be the most likely jobs retirees would move back into.

Spencer McCarthy, chief executive of Churchill Retirement Living, which commissioned the poll, said: “The cost of living crisis is affecting everyone, and it doesn’t discriminate by age.

“People in all walks of life are feeling the pinch and as the research has shown, those who have retired may not be as likely to have a mortgage, but they are certainly seeing the price of everyday goods and services rise like everyone else.

“As a result, people are looking at new and counter-intuitive ways of maintaining a comfortable lifestyle.

"Most people have considered ways of saving money, but clearly some are also thinking about ways of making money and in my experience older people often have a terrific range of skills and experience to bring to the workplace.”

Two-thirds of all respondents firmly planned to never work again once they retired.

However, more than six in 10 (64 per cent) were being affected by the cost of living crisis, with most seeing the need to make changes to their lifestyle by taking on some form of paid work within a year.

Of the 40 per cent who have, or who are considering returning to work, 51 per cent would prefer to try something new rather than return to where they last worked.

But 86 per cent worried people would not want to hire them because of their age. And 19 per cent did not feel physically strong enough to work part-time, according to the OnePoll data.

Since retiring, 26 per cent of respondents had downsized their home, with 15 per cent considering it and 55 per cent planning to stay where they were.

Mr McCarthy added: “It’s only natural to weigh up your options when finding yourself living in the current financial landscape.

“Downsizing your home is one option that can make life a little easier financially by reducing maintenance and upkeep costs but maintaining a great quality of life and the opportunity to make new friends.

“It can be difficult to think about moving from somewhere you have lived for years, but actually it can be an extremely positive step to help you maintain your independence for longer.”

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies


Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in