26 May 2023Read of the weekRead of the week: Boomers return to work

The cost of living crisis is impacting employees globally. From negatively impacting mental health to job cuts and stagnant wages, employees are reassessing how they approach their working lives. And for Boomers, this means ‘unretiring’ and getting back into the groove of a nine-to-five.

J’Nae PhillipsJ'Nae Phillips is an Insights Editor at Canvas8. After an early career working in fashion and media, her passion for culture and journalism grew and she made the transition to writing and editing full-time. Outside of Canvas8, she can be found writing for her style-focused newsletter or adding to her growing book collection.

Amid increasing economic vulnerability that's affecting workplaces across industries and sectors, employees are feeling stressed, overwhelmed and burnout, wondering how they're going to make ends meet as layoffs rise and the job market is volatile. According to the Office for National Statistics, around three in four adults (77%) in the UK reported feeling very or somewhat worried about the rising costs of living and 50% had these worries every day.

In the UK, nearly 100,000 early retirees have returned to work as they reassess how much money they need to live comfortably. And the number of people aged 64 and under who are in retirement fell by 93,000 in the 12 months to March 2023, which is in contrast to the rise in early retirement seen during the height of the pandemic.

This shift in behaviour, especially among Boomers, is likely due to concern over rising bills which is forcing many retirees back into the workforce so they can supplement their income and top up their pension. And as the “great unretirement” saw 38,000 people return to work between January and March 2023, compared to 15,000 between October to December 2022, Boomers are reshaping the future of work in line with their economic realities.