Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Cost-of-living crisis could reverse over-50s ‘great resignation’, survey shows

Over-50s have led the ‘great resignation’ (Dominic Lipinski/ PA)
Over-50s have led the ‘great resignation’ (Dominic Lipinski/ PA)

The “great resignation” sparked by Covid could be reversing due to the cost-of-living crisis, new data has found.

The over-50s who have walked away from their jobs since the pandemic have increasingly considered returning to work in recent months because they need more money, according to figures from the Office for National Statistics (ONS).

The survey, conducted in August, found that a massive 72% of people in their 50s would consider going back to work, compared with 58% who said so in February.

And around two thirds of those people said that they would return to work for the money, also a jump from the 56% who said so previously.

The pandemic triggered swathes of people to quit their jobs, reports have shown, as many sought a change of lifestyle or were able to resign having built up savings pots during lockdowns.

Over-50s have led the “great resignation” as the age group which saw the biggest exodus from the workplace since March 2020, compared with before the pandemic, the ONS found earlier this year.

But living costs have risen rapidly in the last six months, accelerated by Russia’s invasion of Ukraine in March, which has squeezed household wallets.

Just under half of over-50s who left their jobs after the pandemic, and have not returned since, have seen their household savings decrease, the ONS found.

Furthermore, nearly a quarter of those surveyed in August said that they could not afford an unexpected expense of £850, indicating that people’s emergency cash funds are being worn away by the greater cost of living.

The survey also shed light on the shaky financial stability of workers who have left their jobs since the pandemic.

Just 38% of people aged between 50 and 54 revealed they were confident that their retirement provisions would meet their needs, suggesting that large proportions of people may have prematurely left the workplace with insufficient pension savings to support their lifestyle.

It compares with the 55% of 60 to 65-year-olds who said they were confident in their retirement savings.

Luke Price, senior evidence manager at the Centre for Ageing Better, said: “Since the pandemic there has been a notable exodus of older workers from the labour market but in the last six months, with financial fears driven by the escalating cost-of-living crisis increasing, more are at least thinking about returning to work.

“The new data shows that the older workers that are returning to employment have on average higher levels of debt and so are more vulnerable to the current rising costs and prices.

“With a high proportion of older workers concerned they will not be financially stable in retirement, it is more important than ever that employers address the barriers which restrict older workers from staying in the labour market such as limits to flexible working or age bias in recruitment.”