A quarter of retired adults are considering a part time job to keep afloat during the cost-of-living crisis – and one in six have already gone back to work. Research of a wide representation of retirees found of those on the lookout, 59 per cent have already made enquiries locally to see what work might be available to make ends meet.
And 74 per cent aren’t keen to reintroduce themselves to working again but are prepared to do so. It also emerged admin, retail and general office roles would be the most likely jobs retirees would look to move back into.
Turning off electrics, buying own brand products and wearing additional clothing rather than turning up the heating are other ways retirees are bidding to save the pennies.
Spencer J McCarthy, Chairman & CEO of Churchill Retirement Living, which commissioned the research:
“The cost-of-living crisis is affecting everyone, and it doesn’t discriminate by age. People in all walks of life are feeling the pinch and as the research has shown, those who have retired may not be as likely to have a mortgage, but they are certainly seeing the price of everyday goods and services rise like everyone else.
“As a result, people are looking at new and counter-intuitive ways of maintaining a comfortable lifestyle. Most people have considered ways of saving money, but clearly some are also thinking about ways of making money and in my experience older people often have a terrific range of skills and experience to bring to the workplace.”
Two thirds of all respondents firmly planned to never work again once they retired. However, more than six in 10 (64 per cent) are being affected by the cost-of-living crisis, with most seeing the need to make changes to their lifestyle by taking on some form of paid work within a year.
Of the 40 per cent who have, or who are considering returning to work, 51 per cent would prefer to try something new rather than return to where they last worked. But 86 per cent would worry people wouldn’t want to hire them because they’re too old. And 19 per cent don’t feel physically strong and well enough to work part time, according to the OnePoll data.
Since retiring, 26 per cent of respondents have downsized their home, with 15 per cent considering it and 55 per cent planning to stay where they are.
Spencer J McCarthy from Churchill Retirement Living:
“It’s only natural to weigh up your options when finding yourself living in the current financial landscape. Downsizing your home is one option that can make life a little easier financially by reducing maintenance and upkeep costs but maintaining a great quality of life and the opportunity to make new friends.
“It can be difficult to think about moving from somewhere you have lived for years, but actually it can be an extremely positive step to help you maintain your independence for longer.”
