People in their 70s are reentering the workforce, redefining the purpose of retirement by taking on new positions for social interaction and augmented income. Many former workers are finding part-time work to ensure financial stability amidst a looming financial crisis and a volatile stock market. The rising cost of living is playing a role in this trend. Longer life spans and the need to earn money for a longer period of time are also contributing factors. This trend is not limited to the UK, as many US retirees are also returning to the workforce for social interaction and community connections. As this long-term trend continues, companies have an opportunity to tap into this economically driven, experienced, and motivated demographic.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Retirees reentering workforce | Redefining purpose of later decades | More retirees working, seeking social interaction | Financial instability, rising cost of living |
| Increase in older employees | Reflective of longer life spans | Longer periods of working and earning money | Longer life spans, need for financial stability |
| US retirees returning to workforce | Seeking social interaction, connections | More retirees reentering workforce for community | Desire for social interaction, community connections |
| Generation in 60s and 70s returning to work | Focusing on new goals and aspirations | Experienced and motivated demographic for companies | Rising cost of living, economic opportunities |