Over the past decade, Canada has seen a significant increase in the number of senior citizens wanting to remain working or rejoin the workforce.
According to census data from Statistics Canada, more than 53 percent of men aged 65 or older and 38.8 percent of women of the same age were still working in some way in 2015. These numbers are up from 37.8 percent of men and 15.5 percent of women in 1995. This seems to be an odd shift, as the assumption is that many of these individuals would rather retire and be able to live without working.
Several factors have continued to contribute to senior citizens wanting to remain in the workforce. Continue reading to find out what has been contributing to this large shift in the minds of senior citizens in Canada.
It is quite apparent that people are living longer than before due to improved medical care, knowledge, and infrastructure. This creates an interesting perspective, as people used to want to retire to live out the last few years of their life without working.
Although, retiring at 65 could now mean that they have decades to try and occupy. This leads those who hit retirement age and are still in good health to want to stay productive and make money while they can.
Lack of Purpose in Retirement
Another factor is that some people just cannot find purpose or sense in their retirement, which is somewhat connected to the above point. It can be difficult to learn how to occupy entire days for years when work used to fill that time. This is especially true when combined with the fact that many older people are still physically healthy and want to keep being productive. So, if a senior citizen feels that retirement is boring or they have no purpose, they may end up returning to the workforce or at least getting a part-time job.
Recent Economic Difficulties
Unfortunately, economic circumstances over the past few years have greatly contributed to older people needing to remain in the workforce. Between COVID and the general current economic client, retiring is a hard prospect.
Hard economic times have exhausted many people's normal savings and caused them to dip into retirement funds meaning they will have to make up the money lost from that and the current climate means they will need even more than they did before. This is especially true because pensions and senior citizen benefits are not the stable and secure income source that they once were years ago, which forces seniors to make different decisions about their future.
Senior Citizen Volunteer Work
Some senior citizens are also choosing to remain somewhat in the workforce by volunteering their time in other sectors. This is a great way to stay productive while also enjoying retirement and helping others.
Being that many jobs are either full-time or nothing, volunteer work has been a great way for senior citizens to lend their skills without needing to make large commitments.
Are You Searching for Quality Senior Citizen Living in Canada?
If you are searching for senior living for yourself or a loved one, then Symphony Senior Living is here to help. We have multiple types of facilities around Canada and can accommodate virtually any senior citizen and their needs. If you have any questions about our facilities, feel free to contact us at (437) 214-1608. We look forward to hearing from you.