Nearly a quarter of over 55s postponing retirement due to cost of living crisis

A new survey has revealed that many over 55s are choosing to stay in work because of the cost of living crisis.

The Totaljobs Hiring Trends Index shows that 22% of those over 55 are delaying retirement and 30% admitted that they are more worried than ever about not having enough money to retire.

Despite the pause in retirement plans initially staving off even further labour market shortages, 34% of employers said that they don’t offer anything specific to attract or retain talent over the age of 50.

Jon Wilson, CEO at Totaljobs, commented, “The latest data highlights that while skills shortages remain a concern, these concerns have eased ever so slightly. However, the market is by no means steady and businesses would do well to plan ahead.

“Businesses need to look at the wider context if they are hiring over 50s or have a large proportion in their workforce. For example, it’s vital to set up facilities by which these workers can share their knowledge and experience with the younger workforce to ensure that knowledge is shared across the business.

“The skills shortage is still a pressing issue, so thinking about transferrable skills across the organisation will also be vital.”

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