Cost-of-living crisis forcing many older people to stay in work

National Older Workers Week 20 – 24 November 2023 

The vast majority of older people who changed their retirement plans during the last 12 months did so because of the cost-of -living crisis, according to Age Cymru’s fourth annual survey What Matters to You?  

The survey, which was completed by almost 1200 older people, found that 78% of those who changed their plans said they could not afford to retire and that their pension pots were getting smaller.  

One person told the survey that they had to have a career break due to caring responsibilities and now have to build up their finances.  Another said they were coming out of retirement to pay for medical care: I need additional money to pay for a hip operation and dental care.  

Similarly, some said they plan to go back to paid work after retiring from their current job because they didn’t think they could live off their pension. "Rents are so high that it is impossible just to live on a state pension without working to supplement it.” 

Others told us that they want to come back to paid work to raise money for projects or trips.   

The trend for older people to either remain or return to work was also reflected in the general statistics showing that 61% of respondents were retired, down from 67% last year, while the number of older people working either full or part-time increased from 23% to 36%. 

Support for older workers and those seeking employment 

Age Cymru works in partnership with Business in the Community (Cymru) to support the over 50s in the workplace and those seeking work through specially designed seminars called Mid-Career Review webinars.  

The webinars, which are free of charge to anyone over 50 in Wales, share information and resources, provide practical tips, and signposting to useful organisations to help attendees take action for a more positive future.  The webinars cover career, work, health and wellbeing, financial wellbeing and work-life balance.    

Business in the Community’s Age at Work Programme Manager Jill Salter says: “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.” 

To register for the webinars, email jill.salter@bitc.org.uk , call 07793 443893, or visit www.bitcni.org.uk/age-at-work-wales-mid-career-review/. To view a copy of the Age Cymru survey, visit agecymru.org.uk/annualsurvey or call 029 2043 1555. 

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Notes to editors 

What Matters to You is our fourth annual survey undertaken with four national pensioner organisations. It was completed by almost 1200 older people during the spring 2023.  It surveyed a number of topics including access to primary and social care, transport, housing as well as employment.  

The Age at Work programme is delivered in partnership with Age Cymru and funded by the National Lottery Community Fund.