A significant proportion of over 50s who left the workplace after Covid after considering returning due to to the cost of living crisis, according to new data.
Office of National Statistics data, analysed by Broadstone, shows that six out of 10 (61 per cent) of those aged 50-59 and four in 10 (39 per cent) of those aged 60-65 who left their job during the pandemic are weighing up returning, in what the consultants have called ‘The Great Unretirement’.
A total of (63 percent) of those looking to get back into employment – equivalent to 400,000 people – said that it was because of the money, and a further 43 per cent said it was because of changes to the cost of living. Over half (52 per cent ) said that a job that paid enough was important to them when looking for a new job.
Broadstone director David Pye says:: “Today’s data hammers home the complex and challenging situation that many older workers find themselves in.
“The pandemic saw many of these workers drop out of the labour market either because they were forced out because of redundancy or other impacts of the pandemic, or because they felt able to retire. However, the changing economic situation and increased cost of living is now seeing many of these workers looking to return to employment.
“The data suggests that money is the driving factor behind this desire and is particularly prevalent among those with mortgages or who are less financially resilient. It indicates that this group perhaps have less reserves to cope with the current financial shock or who may have over-estimated their financial situation.
“Older workers have a lot to offer, especially in light of the present scarcity of experienced workers in many sectors and how employers respond to this increasing demand for work in a tight labour market will be intriguing. Attraction and retention of staff is a major challenge facing employers and this group of ‘Great Unretirees’ offer businesses a ready source of experienced talent.”