The UK’s ageing population are stuck in a double paradox:

The pandemic has given them a delightful sample of what retirement could look like, while they enjoy the knowledge of increased life expectancy compared to their parents.

But although lots of boomers are financially fortunate compared to other generations, plenty cannot comfortably retire as planned, thanks to the cost of living crisis and pension scandals.

In addition for some, the expectation of a longer life of 20 years plus without structure or purpose feels like a waste of productivity and extra income.

This goes some way to explain why two-fifths of older people fill their time doing volunteering for charities and local communities!

In any case this twin dilemma means it’s interesting times for the recruitment sector who have been riding the waves of the great retirement followed by the great return…. (And we think we may just have the solution to BOTH sides of the phenomena).

Baby boomers and the great retirement

Baby boomers are those born between 1946 and 1962 and make up the second largest adult population in the UK.

Generally speaking, many baby boomers have done alright – born into post war economy that was set to boom, living in an era that held rich new opportunities and little barriers to success if you were prepared to put the work in.

Mass consumerism and guiltless waste was on the up, housing was plentiful and affordable and work was in abundance. The UK enjoyed unique relationships with the super powers across the globe whilst nestled into the safe haven of the EU economy.

The analogue age was in full swing and digital was on the horizon, giving many the opportunity to parallel its growth.

As a result, many of today’s boomers are in a comfortable position.

Two thirds have paid their mortgage paid and pensions are kicking in nicely. Having had their families comparably younger than today’s parents, means boomers now adult children are independent.

All of the above means that many of this generation enjoy plenty of choice. 

As they transition into their autumnal years, the boomer masses have begun what’s known in the recruitment sector as the great retirement, leaving the UKs workforce in droves.

And this early retirement trend seems pretty exclusive to this fortunate group of 50-64 year olds: Gen Z and the Millennials simply don’t have the assets and the government intend on making it harder to retire and claim pensions from Gen X onwards.

What’s more, it appears that boomers very much feel they’ve done their bit and have earned their rest. 

When summarised, the word cloud of their overall thoughts about work read

Boring, Tiring, Stress, Necessary, Money.

This consensus has only been escalated by Covid which gave many the chance to sample life without the hindrance of work.

According to a poll by think tank The Phoenix group 57% of those that have left the labour force since 2019 aged 55+ were not looking for work because they had retired or were ‘looking after family’. This rose to 68% among those in their early 60s.

And an overwhelming majority of those that left work recently do not want to return to work, with over 70% of those in their early 50s and over 80% of those between 55 - 65 saying exactly that.

So it’s unsurprising that the top reason that prevents boomers from fully retiring is money. In fact, according to the Department for Work & Pensions, by 2030 1 out of every three workers will be over the age of 50.

What’s the impact of mass retiring on the economy?

With the majority of boomers expected to retire by 2030 and leaving the workforce earlier than anticipated, how will this impact our employment market? And our economy?

Many boomers have climbed the career ladder often reaching senior positions so industries are now faced with the knowledge gap.

This describes the situation where highly demanded and skilled employees are leaving more quickly than new employees can be trained to replace them.

Can and will the younger generations step willingly into their shoes and can they do the jobs justice without the experience of their elders?

Ultimately, there will be a backlash if we continue to lose to many of our workforce ahead of time, not least of all from public services who depend on the very taxes boomers have been paying into the system but will then need as they grow older.

Along with that, comes a reduction in consumerism. ‘Silver quitters’ will generally spend less as well as produce less.

The entire employment demographic will be younger, implementing cultural changes that come with new generations. A much bigger emphasis on mental health, work life balance and equality diversity and inclusion will transform the average workplace.

Another consideration is that boomers children will be less likely to be able to continue to support their offspring into adulthood in the same way as boomers did.

While many Gen X and Millennials are safe in the knowledge that their inheritance might help cover more expensive mortgages and student loads, Gen Z are going to struggle. Things like housing and student loans are simply out of reach even for the most hardworking of todays teenagers.

In order to give them equal opportunities, we could even see boomers stepping in to financially support grandchildren so the next generation can own their own homes or have a family of their own.

Baby boomers and the great return - Why people are going back to work after retiring

Health and wellbeing

Medical advances, education on health and wellness and a general movement towards longevity means we’re seeing people live longer and better.

Connecting to others is important to a lot of people too - work can be a place of social interaction and community which is good for mental health.

As a result, lots of older people choose to continue to work in order to stay productive and stimulated.

Opportunity

Interestingly, boomers are twice as likely to start a new business than millennials, with over 40% considering themselves to be entrepreneurial.

Given their wealth of experience, it would be natural for them to want to exercise their abilities and often do so with great success!

Money

Another reason for baby boomers returning to work is the cost of living crisis.

Huge rises in inflation means soaring prices and according to the ONS (Office for National Statistics) an influx of those aged 50 plus looking to go back to work post pandemic.

In 2022, there were 116,000 over 50s seeking work, half of whom were made up of men age 65 plus and nearly 7% more women over 65 looking to work.

The fact is, people who were previously set up financially to retire need additional income to top up their pensions while they’re still able.

Retirees report feeling poorer than before and consumer confidence is at an all time low. Coupled with the state pension triple lock in April 2021 meant pensions increased by 3.1% while inflation has risen past 10%.

As energy bills reach catastrophic heights, many retirees have struggled to even afford the basics on the income that was once enough.

The benefits of working after retirement

Of course work can be a good thing!

According to a guardian article published earlier this year, the majority of early retirees reported that they liked their jobs and in lots of cases it’s clear to see why.

Working beyond retirement

• Boosts mental health

• Improves social interaction

• Can be excellent to maintain physical wellbeing

• Increases finance

Although retirement can seem like the sunset we all want to gallop off into, a lot of people find they simply run out of things to do and quickly become bored and lonely. That feeling only increases when you consider that 35% of males and 46% of females aged 65 today will make it to age 90.

The sense of purpose that work gives us should not be under-estimated, nor should the daily communication with others.

Financial stability is a big one, especially given the life expectancy mentioned above. Attempting to live off pensions for 20+ years can be unrealistic for many.

And while lots of retirees won’t want a whole career, there is opportunity to learn new things through a related career choice to the skillsets they already have.

For instance, the average age of fundraisers here at Charity Link are aged 50 plus and specifically do well because of their seasoned experience and patience. They enjoy the fundraising work because they’re under far less pressure to perform and are giving back to the society they’ve benefited from.

The perfect job for the great returner?

If you’re thinking about going back to work after retirement and wondering what on earth to do, perhaps there’s a solution that you hadn’t thought of.

If you knew that you could have job security with a regular wage, control of your own hours, could enjoy lots of interaction and mental stimulation and you could make a genuine difference in society, what would you say?

What if in fact, your age was considered a benefit to the role and not a disadvantage?

Find out how face to face charity fundraising is the ideal choice for those looking for continue working in their senior years.

Learn how to be a fundraiser with the fastest growing fundraising agency in the UK and take back the decision on what good retirement age means to you.

Why work after retirement and face to face charity fundraising are the perfect match

The benefits of face to face fundraising aren’t hard to see.

We often find that the more mature fundraiser has a calmer and more patient approach than younger folk who have high energy and high expectation. Sometimes the slow and steady approach is exactly what’s needed in this job!

The resilience needed for the role also seems to come naturally to the older fundraiser, who’ve long learned not to worry about what people think or feel rejected by the ‘no’s.

And they’re also wise enough to know how society works! They know that for things to improve for us all, we need people prepared to stick their necks out and ask for help for UK charities.

Charity Link fundraising agency are in the unique position where we employ all of our fundraisers on a contracted basis. That means everyone has a basic salary and has the potential to earn as much or little commission as they’d like.

With our award winning training academy, we’re able to turn someone with the right personality and a few relevant skills into a full fledged professional fundraiser in a matter of weeks. We coach, mentor and develop our team until they’re confident and compliant, representing our charity partners to the best of their ability.

Find out more about the qualities of a successful fundraiser

The benefits of working for Charity Link

To sweeten the role even further we make a point of making sure our people are looked after.

From our free healthcare scheme, to our retail discounts program and regular bonus and incentives, we intend to make sure our people don’t want to go any where else.

Flexible holidays, long service gifts, death in service and as much support in mental health as you could want means being back at work feels good.

If you’re coming out of retirement and are thinking about a new role, why not check out our jobs page? You’ll find a more detailed description of the fundraiser role and lots of information about what’s next…