The survey, published on Tuesday (16 July), showed that 3% of people over 50 had considered returning to full-time work, while 14% pursued part-time or seasonal work.
Emily Andrews, deputy director for work at the Centre for Ageing Better, told HR magazine that the number of people over 50 returning to work could be due to the cost of living crisis or the benefits of work.
“For the most part of the 21st century there has been significant growth in the proportion and number of 50-64 year olds in work,” she said.
“But then two crises have caused significant disruption to that narrative. The Covid-19 pandemic led to large numbers of older workers leaving the labour market. Then followed the cost-of-living crisis, which might have encouraged some over 50 workers to reconsider their plans to leave the labour market as they found their money was no longer going as far.”
The research also suggests that other motivations for retirees to return to work include the health and social benefits of work that they may be missing when in retirement, Andrews added.
Nearly two thirds (62%) of the people over 50 who had returned to work cited their desire to stay mentally active as the reason for their return, while 37% referred to the need for a greater income following rising living costs. A further 32% pointed to wanting a sense of purpose.
Read more: New recommendations to increase support for older workers
While the research shows that 2.73 million people over 50 have returned to work after retirement, Andrews suggested that age discrimination prevents the statistic from being higher.
She continued: “The numbers of 50-64-year-old workers in the labour market still lag far below pre-pandemic numbers.
“The reason why workers in the 50-64 age group haven’t returned to the labour market in the same numbers as other age groups is partly because of the barriers that older workers face in an ageist labour market which is leaving too many older workers, who have so much still to offer employers and the economy, locked out of work with unfulfilled potential.
“These barriers include age bias in recruitment and a lack of high-quality part-time work.”
Legal & General found that people over 50 who had returned to work reported facing challenges, including tiredness (24%), losing out on free time (22%) and changes in working culture leading to difficulty (17%).
Providing tailored support to people over 50 who have returned from work could help them adjust to the workplace, commented David Blackburn, interim executive director of people for charity Mencap.
Speaking to HR magazine, he said: “Returning to work after a long period of time away can be challenging, so giving returnees access to personalised support from day one is key. This could be through an onboarding workplace buddy, a workplace coach, or a mentor.
“Reverse mentoring with younger or other newer employees can be mutually beneficial, building confidence for those returning to work while enabling them to pass on the knowledge they’ve gained from their lifetime of work.”
Research published by pensions provider Aegon last August showed that people over 50 who had stopped work temporarily experienced a loss of confidence. This included 15% of 50-to-59-year-olds who felt their skills were irrelevant to today’s workforce.
A survey by training provider Corndel (April 2024) found 75% of people over 55 have not received training for management skills, while 55% had not received training on digital and technical skills. This led to employees lacking confidence in pivoting careers.
Read more: Over 55s left behind in skills training
Employers should invest in upskilling people over 50, commented Victoria Tomlinson, chief executive of retirement advisory Next-Up.
She said: “Employers should not assume that age stops people being ambitious, wanting to learn and wanting to do dynamic and interesting work and part of a team. The most profitable and successful businesses ensure intergenerational working and respect for the strengths that different generations bring to work.
“They also need to invest in training. We are seeing older generations are using AI, and adding the most value from it. Their experience is invaluable in using new technologies, and this generation needs training as much as any other.”
Tailored health and wellbeing programmes could also help support people over 50 who have returned to work, suggested Mark Hocken, talent and acquisition lead at law firm A&O Shearman.
“Employers can offer health and wellness programmes tailored to the needs of older employees,” he told HR magazine.
“At A&O Shearman, we offer health screenings and preventative care, fitness programmes that cater to a variety of physical abilities, mental wellbeing resources and an inclusive environment.
“Flexible working arrangements are particularly beneficial for over 50s who may have different needs compared to their younger counterparts. These include part-time work or job sharing and the flexibility to work from home.”
Legal & General commissioned Opinium to survey 3,000 UK adults aged 50+ between 4 and 26 January 2024. The research was published on 16 July 2024.
