We are delighted to partner with Chums,
the family-owned Knowsley-based online retailer, to help bring awareness to the financial burden that the cost of living has had on older generations. As part of their campaign, Chums recently carried out a survey into the impact of the cost of living crisis on older people.
They have kindy offered every Age Space reader a 20% discount using discount code AGSP50 until Friday 8th November 2024.
Purchases must be a minimum spend of £50, and the offer excludes individual items over £150 and those in clearance. The same restrictions apply to the discount code:
- Min spend £50
- Excludes items over £150 and sale/clearance items
- 30 days offer redemption from go live
- Cannot be used in conjunction with any other promotional code.
Chums survey into the cost of living crisis
Retirement is meant to be seen as a time to relax and enjoy life after a busy working career. It is supposed to be a time when many can travel and experience things that they were not able to when they were working
However, the rising cost of living has made it increasingly difficult for those trying to enjoy their ‘golden years’ to live comfortably on their pensions alone. To address this issue, Age Space has partnered with Chums to highlight the impact of inflation on older adults.
To do this, Chums conducted a survey asking those between the ages of 55 and 86 about their plans for retirement, their role in the workplace and their opinions on triple lock pensions.
What did our survey say?
For this campaign, experts at Chums conducted a survey that asked those over 50 about their thoughts and concerns about retirement. One surprising statistic revealed that over 20% of those currently retired were considering or planning to return to work.
Additionally, those over 50 who were currently in work revealed that over 40% were considering or had plans to continue to work past retirement.
When asked about why they were considering working past retirement (or returning to work), most responded that financial security was a main contributor. However, in addition to finances, many respondents said that mental stimulation and enjoying work were also significant reasons for their decision.
Our director, Annabel James, explained, “With an ageing population, there are many more people who are working longer. In many ways, this is to be welcomed for its positive benefits to mental and physical well-being as well as financial aspects. However, for some, there is no option, of course, which is of concern as the Government resets the financial agenda in the Autumn budget.”
Other concerns that were covered in the survey included confidence in the workplace and the impact of physical appearance. Some respondents felt that they lacked the necessary skillsets and struggled to keep up with the technology, while others stated they felt judged by their age.
In regards to confidence in skillsets, one respondent explained, “I worry that I might not have the capacity to learn any new skills required by my employer as I get older because the tech industry moves very quickly.” whilst another explained that they had “lost confidence in myself”.
A more confident responder detailed, “My skills are in demand and I keep them up to date.” *
When it came to appearance most (42.82%) felt their physical appearance did not impact how they were treated at work. However, nearly a fifth said that it was their physical appearance mostly affected their treatment.
One person who felt their age had a big impact on their treatment explained, “Age discrimination is common in the teaching industry.” Another reasoned, “If you look old people treat you differently.”*
Whilst age is no determinator of capability, it can still be an impactor on the working environment which can be unfair to those who have to rely on working to supplement their retirement.
In this partnership with Chums, we hope to shed light on the financial challenges faced by older adults. As the survey results suggest, many retirees are grappling with the rising cost of living. They are seeking different methods to help supplement their income, such as considering returning to work or making significant changes to their lifestyle, like selling assets.
Through partnering with a business like Chums on a campaign that takes a look at the burdens those approaching or who are at retirement age face, we are able to reach a wider audience and have a bigger conversation.
To join in the conversation, share your thoughts on social media using #YourRetirementYourRules.
**Quoted responses are taken from the survey.
As part of this partnership, for a limited time, Chums are offering a 20% discount across their site in order to help alleviate the burden the cost of living has had on over 55s.
The promotion with Chums runs from Friday 18th October – Friday 8th November 2024. Use discount code AGSP50 to claim your discount from Chums. To be eligible for the discount, you need to spend at least £50. It doesn’t include items over £150 or in the sale. This discount also can’t be used with any other promotional code or offer.
