The second article in this series, we explore the world of Work and Finance through the lens of the 50+ consumer.
THE RISE OF SEMI-RETIREMENT
We’re seeing more people than ever continuing to work past retirement age, whether it’s reducing hours in their current job or finding something new entirely. While there are those who are unable to retire for financial reasons, the more prominent reasons are to maintain their increasingly healthy and active older lifestyles.
For the many, the motivation comes from seeking out positive emotions. In the wake of a lifetime of working, semi-retirement helps us redefine a lost sense of purpose, while wanting to engage with the wider world motivates us to find happiness by actively participating in community life
BRAND EXAMPLE: AIR B&B
Worldwide, almost one million Airbnb users are over 60. Among hosts, 10% are over 60. As the most likely demographic to own their own home, many are taking the opportunity to earn extra spending money by opening their doors to travellers.
Not only are they earning extra money, but they are connecting and engaging with people they would never normally meet. The simplicity of large, on-demand platforms are making it easy for retirees to utilise their spare time to do something different and exciting while keeping users in control of when and how long they work for.
CREATIVES & MAKERS
There is an emerging cohort of talented creators, developers and entrepreneurs within the 50+ circles, who understand their own needs and are finding them unfulfilled by their younger counterparts. While many of the major start-ups of our time are young techy entrepreneurs, retirees are the fastest growing demographic catching the start-up bug.
With more free time and more funds to engage with these projects, the 50+ market is full of websites and apps aimed at the needs of their demographic. These types of small businesses are accessible from around the world from any holiday home or even on a laptop using hotel Wi-Fi. As the tech-literate age creeps ever higher, improving digital tools make these concepts more accessible than ever before.
BRAND EXAMPLE: SELFRIDGES ‘BRIGHT OLD THINGS’
In a twist on their annual Bright Young Things campaign, Selfridges will be celebrating the retirement renaissance and 14 inspiring individuals who’ve embraced a new vocation later in life. In collaboration with illustrator and director Todd Selby, meet these Bright Old Things, read their stories and explore the unique works they’ve created exclusively for Selfridges.