The study within the report evidences that over-55s are focusing on those closest to them in their retirement, with 50% helping or planning to help their families with occasional babysitting and 35% extending their family duties to include regular child-minding.
The typical over-55 who provides regular child-minding clocks up 30 hours a month, or 363 hours every year. At minimum wage, this is equivalent to ÂŁ2,247 worth of free childcare but with national figures suggesting the average yearly spend on childcare for a child under the age of two is ÂŁ5,103, the support of a retired relative is likely to be worth far more.
Recognising the financial pressures that later life can bring, 30% of over-55s plan to continue working part-time during their retirement. But up to 46% also look for unpaid work in the voluntary sector in the form of fundraising, with almost half of these helping in a charity shop or providing practical support in the community such as âmeals on wheelsâ.
Almost 20% have an organising or managing role in the voluntary-community sector and a further 18% help teach children to read. 49% of those responding in the research perceived being able to give something back to the community, neighbours or families as rewarding for them. For 48%, unpaid work helps to get them out of the house, while 41% value the chance to mix with people of all age groups.
However, the over-55s havenât given up on embracing their freedom after finishing full-time work. With an established market for âgrey gap yearsâ, travel ranks as the second most popular retirement pursuit overall (44%) behind occasional babysitting and 18% of over-55s use some or all of the tax-free lump sum from their annuity to fund their travel plans.
Other favourite retirement pastimes are more modest and based closer to home, with 42% wanting to spend more time in the garden, 37% looking for more contact with family and 33% aiming to socialise more with friends.
