One in 10 people aged over 70 are electing to either head back to or stay longer in part-time or full-time work as a direct result of the Covid-19 pandemic, according to new research from Retirement Villages Group.
The ‘Back on Track’ research found 36% of over-70s say that they have spent the last 16 months reflecting on their life goals, leading to an increased desire to now make up for lost time in both their personal and professional lives. Going back to work – whether for financial reasons or in pursuit of a purposeful, active older lifestyle – is a core part of that ambition for many (7% seek to return to work, 3% to delay retirement).
As the number of UK job vacancies reaches its highest level since pre-pandemic, according to ONS figures, Retirement Villages Group has calculated that one in 10 over-70s heading back to or staying in work could add as much as £1.8bn to the UK economy each year. Moreover, it promotes a much-needed shift in perspective about the active and valuable role older adults can and want to play in British society.
Among those that have or plan to go back to work, 52% agree that the main motive is to boost their finances, for 33% it’s to alleviate boredom and 21% want to contribute to society.
48% of people over the age of 70 who were surveyed said that the single greatest thing that would support older people wanting to go back into the workplace is reduced stigma around later life and misperceptions of what older adults contribute economically, socially, and culturally. 39% said that seeing more age diversity in the workplace would give them greater confidence to consider working opportunities themselves. Yet, encouragingly, the research also found that 27% of older adults believe the pandemic has led to a more widespread view that older people have valuable life skills that society can benefit from.
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.
“It’s vital, as we unlock from the pandemic, that we continue to reappraise how we view the great contribution of people over 70 to our culture and economy. Independent, positive ageing matters – not only to the long-term health and wellbeing of individuals, by keeping people out of hospitals and care homes for longer – but also to our society which is enriched by older people playing an active part.
“Our model is based on the belief that communities are more opportune places for everyone when they are diverse and multiple generations live side by side to learn from and support each other, for the benefit of all.”
