Is contracting attracting older generations to return to work?

Since the beginning of the pandemic there has been a spike in early retirement amongst 50-64 year olds in the UK, a recent government report has found. 

According to The Lords economic affairs committee, this increase in unemployment could put the UK economy under threat and tighten the purse on public spending at a time when public services need more financial attention than ever before. 

Although the reason behind this ‘increased inactivity’ amongst over 50s is still yet to be determined, it is believed that long term illness has had a big part to play. 

That’s not to say people are retiring because they’re unwell, but rather, fell ill and then decided never to return. 

But could flexible working change their mind? Data from the Office for National Statistics suggests that yes, it would. A recent study revealed that 58% of retired workers in the 50-65 bracket would consider returning to work if the hours were less rigid and there was the option to work from home.

Are you thinking what we’re thinking? Contracting might just be the answer…

Not only would temporary work suit those nearing retirement due to its flexible nature, but would also allow for a more diverse workforce. Plus, hiring someone with years of experience under their belt could be invaluable to your team and overall company growth. 

Whether you’re reconsidering your retirement plans, or a company looking to hire contractors with a greater portfolio – watch this space!

Still not sold? Check out our recent article on reasons to go freelance in 2023 for further insight into the world of contracting. 

New to contracting and looking for an umbrella to deal with your finances? Get in touch with our team today on 0203 967 6846 or send us your queries via [email protected].