Pandemic throwing Britain’s elderly back into work | Personal Finance | Finance –

Published On: Tue, Aug 24th, 2021

Pandemic throwing Britain’s elderly back into work | Personal Finance | Finance

One in ten people over the age of 70 -900,000 people- are choosing to step back from retirement and work for longer due to the pandemic, fresh research from Retirement Villages Group has showed.

Many older people are welcoming this shift but others have only undertaken it due to financial constraints during the pandemic.

Will Bax, CEO of Retirement Villages Group, said: “Today’s research confirms that older adults have a critical role in ensuring the ongoing diversity and vibrancy of our society and economy.

“The pandemic has brought this reality into sharp focus, with many people over 70 forced to isolate for prolonged periods, curbing the active, independent and sociable lifestyles they would normally lead and temporarily separating them from communities.”

For the 10 percent who have no intention of slowing down in their retirement, seven percent are returning to work and three percent are delaying their retirement and staying on.

The research also showed that the return of 900,000 over-70s to the workplace could add over £1.8billion to the UK’s economy and catalyse a shift in attitudes about the value of elderly people in society.

These current attitudes to the elderly are a stumbling block to many who may otherwise wish to return to work.

Nearly half of over-70s said that the thing that would make them feel most supported in going back to work is reduced stigma and more information to counter misperceptions about what elderly people can contribute economically, socially and culturally.

Many say that greater age diversity in the workplace would make it easier for them to transition back into employment.

Source link