With the cost of living on the rise, new research by Churchill Retirement Living has found that 27% of retired adults in the North East are considering a part time job to keep afloat.
However, for the 58% who said they are not keen to return to work, the apartments at Churchill Retirement Living provide an alternative way for retirees to reduce their household bills by downsizing. The research of 1,500 retirees found that 21% of those in the North East are currently considering downsizing, and 14% have already done so.
Churchill’s Regional Marketing Manager, Bernadette Hennelly, said: “The cost of living crisis is affecting everyone, and it doesn’t discriminate by age. People in all walks of life are feeling the pinch and as the research has shown, those who have retired may not be as likely to have a mortgage, but they are certainly seeing the price of everyday goods and services rise like everyone else.
“As a result, people are looking at new ways of maintaining a comfortable lifestyle. It’s only natural to weigh up your options when finding yourself in living in the current financial landscape. And downsizing your home is one option that can make life a little easier financially by reducing maintenance and upkeep costs but maintaining a great quality of life and the opportunity to make new friends.
“It can be difficult to think about moving from somewhere you have lived for years, but actually it can be an extremely positive step to help you maintain your independence for longer.”
The research found that turning off electrics, buying own brand products and wearing additional clothing rather than turning up the heating are other ways retirees are bidding to save the pennies.
Nationwide, two thirds of all respondents firmly planned to never work again once they retired. However, more than six in 10 (64 per cent) are being affected by the cost of living crisis, with most seeing the need to make changes to their lifestyle by taking on some form of paid work within a year, according to the OnePoll data.
To find out more about the benefits of downsizing to enjoy a relaxing retirement with Churchill Retirement Living visit churchillretirement.co.uk.