The number of employees who think they will work beyond the age of 65 is at a record high, according to research by Canada Life Group.
Out of 1,000 workers surveyed, 73% are expecting to work past the age of 65 – up from 67% in 2016.
37% who intend to work beyond 65 said they could be older than 70 before they retire, while 10% expect to be at least 85 years old when they fully retire.
Almost all younger workers agree they will be working past the age of 65, with 84% of 25 to 34-year-old employees resigned to that prospect.
Further findings:
- 36% fear their pension will not be sufficient so they need to continue earning
- 31% said they will work past the age of 65 due to low interest on savings.
Paul Avis, marketing director of Canada Life Group, said:
“As inflation continues to rise, eating into the purchasing power of UK savings, this problem will only become more pronounced.
“Insufficient pension savings are another key cause, with recent reforms prompting many to realise they will need to continue earning for longer to fund a decent retirement.”
Challenges for older workers
When asked about their biggest challenges, 57% said health issues will impact their ability to work beyond the age of 65.
Other challenges include adapting to technology (21%), daily commutes (19%) and being engaged in their job (18%).
Avis added:
“Organisations that want to support and maintain an older workforce should consider offering income protection and critical illness products that help staff financially in the event of ill-health.”
We can discuss how to support older workers.