Dee, a 67-year-old resident of Accrington in Lancashire, left school at the age of 14 and went on to work various jobs in factories, hairdressing shops, and bars. She also did secretarial temp work all over the country before landing a full-time job at HM Revenue and Customs, where she worked for 23 years. However, last year in May, she retired, only to realize after a few weeks that she couldn’t afford it due to the increasing cost of living.
“I had two months off, then I had to return to work,” Dee explains. “I survive on my state pension of around £800 a month and two small private pensions, but it’s not enough to cover my rent and household bills, which come to just under £700.”
Dee’s financial situation is not unique. In fact, this spring saw a significant increase in the number of Britons aged 65 and over in the workforce, with twice as many returning to work compared to those in their 50s and early 60s. While economic activity rose across all age groups, it was highest among the over-65s.
Dee now works for the NHS in an administrative role but had to reduce her hours to 26 from 37.5 a week due to the strain on her health. She believes that complete retirement will never be an option for her, and even at 70, she may still have to work one or two days a week. The situation is disheartening for her, especially as she struggles to save for emergencies amidst the rising prices of goods and services.
Dee is just one example of many people aged 65 and over who have returned to paid work out of necessity rather than choice. Sue Picken, an HR adviser from Dorset, also had to return to full-time work at the age of 65 due to the rising cost of living. She and her husband, who both have pensions, found themselves unable to afford their expenses, especially when their energy bills skyrocketed. Additionally, they had to take on debt to support their children during the Covid lockdowns, further adding to their financial burdens.
Returning to work has taken a toll on Picken’s health, and she often needs Fridays to recover. Sometimes, she even sleeps in her car for an hour during her lunch break to cope. While she acknowledges their relative privilege compared to others, she is disheartened by the growing wealth divide and the struggles faced by both the young and the old in the country.
Chris Green, a 68-year-old father of six from the Scottish Borders, had also planned to retire completely but found himself increasing his working hours instead to cover rising costs and help his self-employed children with their businesses. He notes that living costs are on the rise, making retirement financially difficult.
Vanessa Curran, a 66-year-old from Motherwell, Scotland, retired from her job at Primark but had to return to work due to insufficient funds to live on. While she only earns £110 a week now, she sees it as better than nothing. Curran expresses the challenges of trying to make ends meet, cutting back on expenses, and being unable to provide as much financial support to her household and children. She finds it harder and harder to get by, compromising on basic necessities and even facing health issues. Despite the difficulties, she feels she has no choice but to continue working until she physically can’t.
These stories reflect a common trend among older individuals who find themselves returning to work to meet their financial needs. Factors such as the rising cost of living and the financial burdens of supporting family members during economic downturns contribute to this situation. As the country faces a cost of living crisis, many individuals are left with no option but to work past retirement age, further highlighting the growing wealth disparity in society.
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