Out of retirement | Hiring over-70s could add BILLIONS to UK economy and create 'vibrant' workforce

One in ten over-70s are choosing to either head back to or stay longer in part or full-time work as a direct result of the pandemic -  a trend which could see billions of pounds pour into the UK economy, according to a new study.

Results from the Retirement Villages Group’s ‘Back on Track’ research shows that, post-lockdown, slowing down is the last thing on the minds of many older adults. In fact, one in three (36%) over 70s say that they have spent the last 16 months reflecting on their life goals, leading to an increased desire to now make up for lost time in both their personal and professional lives.

Going back to work – whether for financial reasons or in pursuit of a purposeful, active older lifestyle – is a core part of that ambition for many (seven per cent seek to return to work, three per cent to delay retirement).

As the number of UK job vacancies reaches its highest level since pre-pandemic, according to ONS figures, Retirement Villages Group has calculated that one in ten over 70s heading back to or staying in work could add as much as £1.8billion to the UK economy each year. Moreover, it promotes a much-needed shift in perspective about the active and valuable role older adults can and want to play in British society.