The majority of employees in the United Kingdom now expect to work past the age of 65, if recent research from Canada Life Group Insurance is to be believed.
The survey found that approximately 61 per cent of UK employees expect to work beyond the ‘normal’ retirement.
Interestingly, this percentage changes depending on the age group asked, with 69 per cent those aged between 21 to 30 expecting to work after 65, while only 50 per cent of those aged 50 to 60 having the same expectation.
According to the study, 12 per cent of those surveyed were not willing to work past 65, while 22 per cent claimed that they would definitely continue to work past that age.
In terms of the reasons for working beyond 65, ‘money concerns’ was the most cited reason with 88 per cent of respondents giving said reason. Other reasons given include: pension savings being insufficient to fund retirement (32%); lack of preparation for retirement and a fear that any money saved will run out (14%); and being unable to rely on a state-provided pension (14%).
Commenting on the survey’s findings, Paul Avis, who is the Marketing Director of Canada Life Group, said:
“The recent recession has no doubt taken a toll as employees accept that their current savings and pensions are unlikely to cover the cost of retirement, but improvements in health also mean that people are able to work longer…
“The younger generation have been particularly hard hit by the recession, and [are] wise to the fact that they will enjoy a less generous pension scheme and have a longer life expectancy than their parents or grandparents…
“As such, it is imperative that employers adapt accordingly to offer appropriate benefits and flexibilities to support their entire workforce. Especially in light of the fact that an ageing workforce is likely to suffer from a greater number of health issues.”
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