It has long been presumed that most workers could not wait to permanently clock off from work to spend their days with family, at lunches and going on month long cruises. However, now, there is a growing trend of un-retirement happening in the workplace.
Un-retirement can be defined simply as retirees returning back to the workforce, either out of choice or necessity.
Recently, the Office for National Statistics released new research that demonstrates 58% of respondents in their 50s and 31% of over 60s would consider returning back to work at some point in the future. These figures could be set to change in the near future too as our macro environment continues to change.
With these large figures in mind, this blog will examine four of the key factors influencing what researchers are coining the ‘Great Unretirement’.
1. Financial Difficulty
One of the most influential factors in pensioners returning to work is the current financial difficulty they are facing.
It is no secret that the cost of living crisis is causing many social groups to feel the pinch, and this is no exception for people of retirement age. Both spiralling inflation, lack of government protection and volatile financial markets have seriously affected people’s pensions, so now many feel that they have no choice but to return to work out of economic necessity.
In some countries, for example South Korea and Singapore, it is common practice for around a third of workers to keep working until they are in their 70s due to poor pension schemes and an established workplace norm of nepotism that pushes younger workers into higher paid jobs.
2. Boredom
Another key factor influencing the ‘Great Unretirement’ is the sheer boredom retired life can bring.
The sudden shift from working full time with constant mental stimulation to having unstructured freedom can leave many older people feeling bored.
A survey from the National Citizens Service found that the average retiree becomes bored with retirement after only one year and 1 in 10 respondents found that they struggled to fill their time after only five months of being retired.
Additionally, people who delay retirement, or at least keep their brain active, have less risk of developing dementia. A study in France found that for each additional year of work, the risk of dementia is reduced by 3.2 percent!
So it is unsurprising that some are returning back to work to fight chronic boredom and keep mentally sharp.
3. Social Connections
Similarly, work also provides a large proportion of our daily social interactions and it can be argued that nothing makes work more enjoyable than getting on well with colleagues.
Moreover, retirement can be a particularly lonely and isolating experience for those that live on their own or far away from close family. A study of 29 countries from the National Institute for Health and and Care Research review found that 1 in 4 adults over 60 reported feeling lonely.
Therefore, to combat feelings of isolation, some people of retirement age are returning back to the workforce to enjoy greater social connections.
4. Sense of Purpose
If your work used to fill you with a greater sense of purpose, switching to retirement can leave you feeling unfulfilled.
For example, Mr Roy, who spoke to the Financial Times, used to work for a non-profit organisation, but after some time of being retired began to think ‘what is my purpose in life?’ As a result, he returned back to work part time in a mental health centre to give himself a renewed sense of fulfilment.
Get in touch!
If you are considering coming out of retirement, but are not sure of the career options that are available to you anymore, or need help getting back onto the career ladder, then a career coach could be of value to you.
We can help elicit your values and find a career avenue that fits around your life.
Get in touch with us today to gain advice and plan for unretirement.
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Click here to read an Energise blog that could help you decide if it is time to retire.
Ellie Khanna
Digital Marketing Intern
