Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Cost of living sends over-50s back to work

by November 15, 2022
November 15, 2022
Cost of living sends over-50s back to work

Nine in ten economically inactive over-50s are considering returning to work as the soaring cost of living looks set to force people into new jobs.

Since the beginning of the pandemic, the number of people aged 50 to 64 classed as economically inactive has risen by 3.6 million, or 10 per cent, with many taking early retirement.

That looks set to change as record inflation, pension worries and higher energy bills have left 91 per cent of inactive workers in the age bracket considering re-entering the workforce, according to CV-Library, the online jobs website.

Concern over the cost of living was the leading factor causing over-50s to seek work, with 72 per cent of those surveyed saying that a return to the workforce was necessary owing to such rises, as well as to fears over their pension pots.

Lee Biggins, 45, founder and chief executive of CV-Library said: “With many vacancies still unfilled, it’s great news that a significant number of experienced workers are planning on returning to work.” He said that employing staff aged over 50 would allow companies to “add experience and stability, as well as diversifying the workplace”.

With many businesses facing labour shortages, the return of experienced staff to the workforce will come as a welcome relief to policymakers and economists. An unemployment rate of 3.5 per cent in August has resulted in a tight labour market, with many companies struggling to find experienced candidates to fill roles.

Now a turnround in labour shortages may be on the horizon, as 68 per cent of those surveyed stated that they were looking for a full-time position. However, the expectation of adaptable working post-pandemic remains, with seven in ten wanting flexible working.

Confidence in their skills has left 65 per cent of those surveyed expecting a higher salary due to their age and experience. Yet only 32 per cent expect to enter the workforce with a more senior job title.

Despite a wide range of experience, two in five said they felt that they would require extra training in their new job. But 60 per cent feel they have become more confident in work as they have grown older.

Read more:
Cost of living sends over-50s back to work

0
FacebookTwitterGoogle +Pinterest
previous post
Taking the biscuit: Jaffa Cake shortage fears as factory workers strike over pay
next post
Amazon to start cutting 10,000 jobs within days

You may also like

Regulator warms train ticket websites over lack of...

December 11, 2023

Getting to Know You: Chris Orsaris, Automotive Consultant

March 24, 2023

Barclays Suspends Festival Sponsorship Amid Protests

June 16, 2024

Jacob Rees-Mogg meets energy giants in bid to...

August 30, 2022

Government urges public sector buyers to award more...

February 14, 2025

Most people think UK was wrong to leave...

June 23, 2023

Currys boss says government does not ‘care’ about...

December 14, 2023

Criminal barristers in England and Wales vote to...

August 22, 2022

How can employers manage redundancies when going insolvent?

February 16, 2023

Staying Ahead of the Competition: How Regulatory Changes...

January 24, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved