Increased cost of living means Brits can’t afford to quit in 2022

As the cost of living continues to rise, leaving the workforce behind and cashing in your pension has never been more challenging to comprehend.

In fact, according to a new report released today, two thirds (66%) of people retiring in 2022 won’t give up work completely – compared to 56% of those who retired in 2021 and just 34% of 2020 retirees.

The Class of 2022 report commissioned by abrdn looks at how ready this year’s retirees are for what is to come. The research found that the main reasons cited for ‘flexi-retirement’ include needing the income (31%) and wanting to keep busy (32%).

Ros spoke to personal finance & consumer expert and TV presenter Sue Hayward and Colin Dyer, retirement expert from ABRDN.

Photo by Colin Watts on Unsplash