New research in the UK shows that increasing numbers of older people are being forced to put off retiring and keep working due to the cot of living crisis.

Last year the number of individuals over age 70 who were continuing to work as a result of the cost of living crisis increased by 61% compared to ten years prior, according to an analysis by Rest Less, an online community focusing on offering advice to older workers.

Released just prior to International Worker’s Day, the data shows that over 446,600 workers over age 70 had yet to retire in 2022, compared to the 277,926 workers over 70 who had yet to retire in 2012.

Stuart Lewis, the chief executive of Rest Less said, “We see many older workers today who are struggling to make ends meet amidst the cost-of-living crisis, with inadequate retirement savings meaning they must work in order to survive financially.”

In the UK the cost of living has spiked sharply over the last two years. Last October the annual rate of inflation reached its peak at 11.1%, hitting a 41 year high, before easing slightly in subsequent months. In March it hit 10.1%, marking the seventh consecutive month of double digit increases, according to official data.

Currently, the official retirement age in Britain for men and woman is 66, however it will increase gradually to 68 by the year 2046.

Currently the highest retirement age in the EU is in Norway and Iceland, where it sits at 67. The lowest age is seen in Greece, Italy, Luxembourg and Slovenia where it is 62.