‘Great unretirement’ driving over-50s back into work amid soaring living costs – Opportunity?
The number of people returning to the workforce has reached a record high in a sign that the cost-of-living crisis could be forcing people to top up their incomes.
Some pension experts have quizzed individuals and out of a group of 1000 individuals over 50, they were surprised it was 50/50.
Experts are suggesting there is a wave of over-50s returning to jobs which could be reflective of the “great unretirement”.
The phrase has been coined after the pandemic ushered in a wave of people quitting their jobs, known as the “great resignation”.
The Office for National Statistics is suggesting that people who previously chose to leave work are since seeking to plug the holes in their finances.
“After an exodus from the workplace during the pandemic, more people are swapping the sofa for the office chair again.
“The rising cost of living will be playing a part as people are realising their pensions may not go as far as they had expected”.
What are the benefits of the ‘Great Unretirement’?
Here are some benefits for the indivuals as well as the positive impact for the society.
Benefits for Individuals
- Financial Security: One of the primary reasons for the Great Unretirement is financial security. Many people are finding that they do not have enough savings to support themselves throughout their retirement years. By returning to work, they can earn additional income and build up their retirement savings.
- Purpose and Meaning: Work provides a sense of purpose and meaning for many people. After retiring, some individuals may find themselves feeling aimless or unfulfilled. Returning to work can provide a renewed sense of purpose and allow individuals to continue contributing to society.
- Social Connections: Work also provides an opportunity for social connections. Many retirees miss the social interactions that they had at work, and returning to the workforce can provide an opportunity to reconnect with former colleagues or make new connections.
- Intellectual Stimulation: Work can also provide intellectual stimulation and a sense of challenge. For individuals who are used to working in challenging and intellectually stimulating roles, retirement can be a significant adjustment. By returning to work, individuals can continue to engage their minds and learn new things.
Benefits for Society
- Increased Workforce Participation: The Great Unretirement can help to address labor shortages and skill gaps in various industries. As the population ages, there are concerns about a shortage of skilled workers in some sectors. By encouraging retirees to return to work, we can tap into a valuable pool of experienced and skilled workers.
- Economic Growth: Increased workforce participation can also contribute to economic growth. Retirees who return to work can contribute to the economy by paying taxes, purchasing goods and services, and investing in their communities.
- Intergenerational Connections: The Great Unretirement can also foster intergenerational connections in the workplace. By working alongside younger colleagues, retirees can share their experience and knowledge, while younger workers can bring fresh ideas and perspectives.
- Reduced Healthcare Costs: Staying active and engaged in the workforce can have significant health benefits, both physical and mental. By reducing healthcare costs, the Great Unretirement can help to ease the strain on healthcare systems.
Where does Thamesbank Credit Union fit in with this?
Thamesbank Credit Union offers the Salary Saving Scheme which can help you save as you earn. This money can help you towards emergency funds or other savings goals. What’s more, you can also take advantage of wide range of Thamesbank Savings Accounts to help you save for your holiday, for example, or you can set up a Junior Savings Account to save for your grandchildren’s future.