One in three (30 per cent) people will change their retirement plans because of the cost of living crisis, according to research.
The research, by Royal London, also found that a third (33 per cent) of those planning to retire in the next 5 years are changing their retirement plans.
The survey of over 2,000 general consumers aged 55 and over in June this year, and 1,000 who were planning to retire in the next five years found that just under two-thirds (58 per cent) would consider working in retirement.
Mandy Garner, spokesperson for Working Wise, said many older workers were “stuck between a rock and a hard place”, being unable to retire, yet unable to pay their bills in their current roles.
“If we want to engage older workers and encourage them to stay in or return to the workplace, we need to understand their needs; flexible working is crucial, largely owing to health issues and caring responsibilities,” she said, adding that older workers should be appreciated and valued by their employers, “otherwise they will jump ship”.
Just under half (45 per cent) said they would consider rejoining the workforce if they were struggling to pay their bills, and just under two-fifths (38 per cent) said they were worried about having enough money to “get by”.
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