The Cost Of Living Crisis Is Forcing Over 50s back To Work
The ongoing cost-of-living crisis is forcing older people back to work, according to new research.
There has been a surge in economic activity among the over-50s since the pandemic began, according to a study.
An analysis of official statistics by Rest Less, an organization that offers advice to older people, suggests that people over 50 are beginning to return to a long-term trend of increasing economic activity – a trend that the pandemic reversed decades ago.
Over the past year, 116,000 more over-50s found employment or were looking for it, according to its analysis.
More than half of the increase was driven by men over the age of 65, said the report.
Stuart Lewis, CEO of Rest Less, says that older workers have left the job market in droves over the past two years, partly due to reevaluating their lives and careers during the pandemic, but also because the pandemic badly affected the prospects for many older jobseekers, who felt they had no choice but to leave the workforce.
It may seem like a dream to be able to retire early, but for many it can mean losing structure, social connections, and a sense of purpose, leaving them feeling out of place. We often forget just how much of our social network and contacts come from the work environment.