Older people forced to stay in work due to cost-of-living crisis
A survey completed by close to 1,200 older people in Wales has found that almost 80% of them had changed their retirement plans over the past year because of the cost-of-living crisis.
According to Age Cymru’s fourth annual survey, What Matters to You, the vast majority of older people who altered their forecasted retirement plans during the last 12 months said they could not afford to retire and that their pension pots were getting smaller.
No other choice
One person told the survey that they had to have a career break due to caring responsibilities and would now have to build up their finances. Another said they were coming out of retirement to pay for a hip operation and dental care.
Many of the respondents to the survey felt they had no other choice but to go back to paid work after retiring from their current role because they felt unable to live off their pension.
One respondent shared: ”Rents are so high that it is impossible just to live on a state pension without working to supplement it.”
Statistics garnered from the survey reflect the current trend for older people to either remain in or return to work, with 61% of respondents in retirement, down from 67% last year, while the number of older people working either full or part-time increased from 23% to 36%.
To support over 50s in the workplace and those seeking work, Age Cymru and Business in the Community (Cymru) have devised specially designed Mid-Career Review webinars.
The webinars, which are free to anyone over 50 in Wales, are designed to provide information and resources to help attendees feel more in control of their career, work, health, financial wellbeing and work-life balance.
Jill Salter, Business in the Community’s Age at Work Programme Manager said: “Attendees of the Mid-Career Review webinars have found them very useful. They felt more informed on where to get further information, have increased motivation and resilience to deal with challenges and benefitted from enhanced confidence to focus and take action.”
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