Nine out of ten economically inactive people over the age of 50 are considering going back to work, as the rising cost of living seems to force people to look for new jobs.
Since the start of the pandemic, the number of people aged 50 to 64 classified as economically inactive has increased by 3.6 million, or 10 percent, with many taking early retirement.
That looks set to change as record inflation, pension concerns and higher energy bills have left 91 percent of workers inactive in the age group considering re-entering the workforce, according to CV-Library, the online job website.
Cost-of-living concerns were the leading factor driving those over 50 to look for work, with 72 percent of respondents saying it was necessary to return to the workforce because of such raises, as well as fears about their pension funds.
Lee Biggins, 45, founder and CEO of CV-Library, said: “With many vacancies still unfilled, it’s great news that a significant number of experienced workers are planning to return to work.” He said hiring staff over 50 would allow companies to “add experience and stability, as well as diversify the workplace.”
With many companies facing labor shortages, the return of experienced staff to the workforce will be a welcome relief for policymakers and economists. An unemployment rate of 3.5 percent in August has resulted in a tight job market, with many companies struggling to find experienced candidates to fill positions.
Now, a turnaround in the labor shortage may be on the horizon, as 68 percent of those surveyed said they were looking for a full-time position. However, the expectation of adaptive work post-pandemic remains, with seven in ten wanting flexible work.
Confidence in their abilities has left 65 percent of those surveyed expecting a higher salary due to their age and experience. However, only 32 percent expect to enter the workforce with a more senior job title.
Despite a wide range of experience, two in five said they felt they would need additional training in their new job. But 60 percent feel they have become more confident at work as they have aged.