Searches for post-retirement jobs in the UK have risen by 16% in the past year as pensioners face higher living costs.
New research, by pension advisors Almond Financial, has analysed regional UK job-search trends to reveal which areas have seen the largest demand increase for post-retirement work over the last year.
Driven by rising living costs and reduced eligibility for the Winter Fuel Payment, retirees across the UK have been motivated to search for jobs 16% more since 2023 to supplement insufficient retirement funds.
At a regional level, the figures differ significantly and paint a stark image of retirement life in cities further south.
Oxford saw the largest rise in job-seeking pensioners since last year, up by 900%. This could be a result of the city having the third highest cost of living of all UK cities, at £893.90 for living expenses without rent as a single person.
Plymouth follows Oxford recording the second-highest rise, with a 500% increase in searches for post-retirement work.
Swindon, Eastbourne, and West Bromwich make up the top five cities with the highest surge of retirees searching for jobs, up by 300%, 275%, and 150% respectively.
On the other end of the scale, Milton Keynes saw the largest overall decrease in pensioners searching for jobs, by -38% from 2023 to 2024.
Top 10 UK cities where pensioners are searching for jobs in retirement
| Rank | Location | % change in retirement job searches, from 2023 to 2024 |
| 1 | Oxford | 900.00 |
| 2 | Plymouth | 500.00 |
| 3 | Swindon | 300.00 |
| 4 | Eastbourne | 275.00 |
| 5 | West Bromwich | 150.00 |
| 6 | Stoke-on-Trent | 142.86 |
| 7 | Warrington | 133.33 |
| 8 | Sunderland | 133.33 |
| 9 | Telford | 125.00 |
| 10 | Derby | 100.00 |
Commenting on the research findings, principal financial adviser at Almond Financial, Sam Robinson said:
“The findings are concerning as those who have spent their lives working towards retirement are finding it increasingly essential to find work in later years, as their planned savings aren’t providing enough support for the cost of retirement living today.
“While the cost of retirement living will vary from person to person, this study will certainly be eye-opening for those building their pension pot, who may not be saving enough to live the retirement lifestyle they want without the need to pick up a post-retirement job.
“Depending on the situation, there are ways to supplement retirement income that could reduce the need for post-retirement work, such as checking eligibility for benefits, investing surplus income into an ISA or pension pot, and rearranging personal allowance between spouses.
“For those looking to boost their retirement income, there are many ways to do this and speaking with a financial or pension advisor will allow you to lay all of your options on the table and decide what is most suitable for you.”
This article was first published on the IFA Magazine website. To view the full report, visit: https://www.almondfinancial.co.uk/retire-to-re-hire/