The Guardian recently quoted an ONS report saying that the number of people over 50 who are working or looking for work in the UK has increased significantly compared to before the Covid-19 pandemic broke out. In 2021 alone, there were 116,000 more people over 50 in the UK who had increased economic activity, meaning they were still working or looking for work.
The results of another survey conducted by Rest Less, a digital community for over-50s, also found that up to 32% of UK retirees questioned said they were considering or were ready to return to work.
More UK pensioners are returning to work in 2021. Photo: Alamy
Many retirees also say they want to return to work, mostly for financial reasons. Cora Adcock, a music teacher who retired at 64, said she decided to return to work because her pension was no longer enough to cover her rising living costs. Adcock said she had to cut back on everything, even her microwave, to reduce her monthly electricity bill.
Similarly, Dr James Derounian recently decided to return to teaching in the UK after just two years of retirement. “I had planned to retire but life had other ideas,” he said. “The rising cost of living has ruined all my plans.”
According to economic experts, the trend of retired people returning to work in the UK is one of the reasons for the significant increase in the elderly workforce in this country. Mr. Stuart Lewis, CEO of Rest Less, said that many people who thought they could retire comfortably and leisurely have changed their minds and are looking for work again to earn extra income.
In addition, volatile financial markets and rising prices are creating anxiety and uncertainty about retirement income for many people. Not to mention, with the latest adjustment, the pension for the elderly in the UK only increased by 3.1%, while inflation was at over 9%. “Therefore, it is not surprising that the elderly are forced to find ways to increase their income,” Mr. Lewis emphasized.
Caroline Abrahams, director of charity Age UK, said many older people in the UK are feeling anxious about the cold winter ahead. Inflation and rising fuel prices have also pushed up the cost of keeping heating equipment running during the winter.
And the retirement plans they made a year ago have now gone up in smoke. They are forced to return to the grind of making a living instead of resting after decades of work.
Even Ms Ros Altmann, the former UK Work and Pensions Secretary, admitted that inflation fears had forced some older people to return to work even when their health was not good.
The decision to return to work after retirement is a trend that has emerged not only in the UK but also in many countries in recent years, typically the US. Economists explain that, in the context of inflation in the US reaching a 40-year high, many retirees in this country feel insecure with their small savings and they have no choice but to return to the job market.
Some countries have long encouraged retirees to return to work if they feel healthy enough and want to continue contributing. But the trends in the UK and the US show that the Covid-19 pandemic and the world upheavals are taking many people’s lives in a completely different direction.
