Baby boomers are working increasingly longer hours, causing a ripple effect on the supply of jobs available to future workers. Some, like LVMH’s Bernard Arnault, are hoarding their roles for as long as possible. Some people put their feet up for a while, but then “don’t retire” after deciding it’s not for them. New research suggests that working from home may be to blame for this trend.
Not-for-profit company Smart Energy GB recently surveyed 2,000 Brits and found that nearly 70% of over-60s currently work in a hybrid role. The remaining employees have managed to maintain the habit of working from home every day due to the pandemic.
Because you don’t have to struggle with a daily commute, you can continue working at a job you might otherwise have left. Not only has their work-life balance improved significantly, allowing them to continue working with less stress, but they are so energized by the new working pattern that they are starting side jobs on top of their 9-to-5 jobs. .
In fact, about 40% of baby boomers say they’ve had a side job, with tutoring being the most popular option.
The study even claims that thanks to remote work, “today’s 60-somethings are better prepared for retirement than previous generations.” That’s because a quarter were able to start a new interest or hobby that they wanted to pursue. They are retired and continue to work from home.
Baby boomers essentially have the best of both worlds without the hassle of commuting. They can garden, walk, and do yoga while maintaining their current income.
They say that having these new hobbies will eventually make it easier to quit your job, but it’s clear that you probably don’t plan on leaving your job anytime soon. 9 out of 10 people are satisfied with their careers, 66% say they feel less stressed, and 94% say they feel less stressed. % feel they have a new lease on life.
Not retiring: a global trend
The study comes as more and more retirees are dusting off their suits and returning to work.
In fact, a survey of more than 6,300 UK adults by Standard Life, part of the country’s largest long-term savings and retirement business, found that 14% of baby boomers and late A further 4% were found to be “not retired.” It’s under consideration.
While 16% of women over 55 plan to return to their careers, this figure rises to around a quarter of men, or around 21%.
And it’s not just the UK where people are working well beyond retirement age. Across the pond, the number of Americans continuing to work past age 65 has quadrupled since the 1980s, according to the Pew Research Center.
Almost 20 percent of Americans over age 65 are currently employed, which is nearly double the percentage who were working 35 years ago. Today, a total of approximately 11 million Americans over the age of 65 work, accounting for 7% of all wages and salaries paid by U.S. employers. In 1987, it accounted for 2%.
It’s not that I miss the hustle and bustle of the office. Many older Americans and Brits worry they won’t be able to achieve the retirement life they’ve always dreamed of. So instead of walking around the house, they work long hours to increase their pensions or take part-time jobs to maintain a better standard of living. And obviously, thanks to working from home, it’s not as much of a hassle to do so as it was for previous generations as well.
“You’ve got decades ahead of you, so go for it,” Renee Stanton, a 61-year-old IT worker who is cutting back on her work hours to pursue a lifelong passion, previously told Fortune. “I’m now funding treatment for my ski addiction.”
