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Britain’s ‘great unretirement’: cost of living drives older people back to work - Perthshire Chamber of Commerce

Britain’s ‘great unretirement’: cost of living drives older people back to work

Spiralling inflation, volatile financial markets and the soaring cost of living are leading to the “great unretirement”, with research suggesting retired people are returning to the workplace.

There are now more people aged 50 and older in work or looking for work than since just before the pandemic, according to data from the Office for National Statistics (ONS).

Its analysis shows there was an increase in economic activity (people working or looking for work) of 116,000 among the over-50s in the past year.

More than half the total increase is among men aged over 65 – whose economic activity levels increased by 66,000, or 8.5%, in a year – with 37,000, or 6.8%, more women over 65 in or looking for work. Experts say in-depth research indicates the increase is driven by former people in retirement returning to work, rather than people working longer.

FROM SCC NETWORK

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