With the government increasingly worried about the exodus of over-50s from the workplace, research has suggested 44% of 55- to 64-year-olds plan to spend at least some of their final decade of being ‘of working age’ in semi-retirement.
Research from insurer Aviva has suggested as many as two in five (44%) of over-55s are considering taking ‘semi retirement’ for a number of years before actually calling it a day.
Ninety-one per cent of those polled described themselves as “much happier” since reducing their working hours.
Over-50s and work
Exodus of over-50s leaving work because of ill health
Sickness and pandemic driving more over-50s out of work
Aviva has argued this suggests that semi- or partial retirement could be the answer for 55% of workers who also like the idea of continuing to work in some shape or form through retirement.
Michele Golunska, managing director for wealth and advice at Aviva, said: “As people live longer, investing time in ourselves and considering every option available in later life is the best way to ensure we have the retirement we aspire to. Starting to think and plan further ahead is a small step that can make a big, positive difference in the long-term.”
Worries about cost of living
In the more immediate term, just two in five British businesses have introduced support to help staff with the rising cost of living, as many see operating costs rise, another study has suggested.
The research from the Work Foundation at Lancaster University has revealed that, while two thirds of senior business leaders (66%) agree that employers have a ‘substantial role’ to play in supporting staff through the rising cost of living, only 40% have introduced new support measures since the start of 2022.
Furthermore, less than one in five (18.2%) of British business leaders who had introduced cost-of-living support said they awarded pay rises that were above standard incremental increases.
After pay rises, the second most common offer of support was a one-off bonus/cost-of-living support payment for staff (17.7%). However, while a huge help to many, such discretionary payments can cause disruptions and reductions in essential social security payments for low income workers, the Work Foundation said.
The current economic and financial uncertainty is being particularly felt by cancer patients, the charity Macmillan Cancer support has also warned.
Patients are increasingly resorting to selling possessions and even using loan sharks to make ends meet as cost-of-living crisis continues to spiral, it has said.
Tens of thousands of people going through or recovering from cancer treatment in the UK (16%) have had to sell personal possessions or borrow money just to make ends meet, with almost one in three (31%) struggling to pay their basic living costs, it found in a poll of more than 2,000 people.
In some of the most extreme cases, people with cancer were resorting to borrowing money from unlicensed lenders such as loan sharks, while others are at risk of potential eviction from their homes.
More than a third of cancer patients going through or recovering from cancer treatment (39%) had been buying or eating less food, and tens of thousands (22%) spending more time in bed to stay warm; all of which could put their health, wellbeing or recovery from cancer at risk.
Richard Pugh, head of partnerships at Macmillan Cancer Support, said: “Every day we’re hearing from people living with cancer who are struggling to get by and pay for the very basics. It’s heart-breaking that people are now being left with no other choice than to sell their personal possessions or take out loans pushing them into debt.”