People expect to work into their seventies…reluctantly
The Global Benefits Attitudes Survey (GBAS) 2017 found this increase in retirement age expectations is more prominent among younger employees. Of those surveyed under the age of 30, 44% expect to retire in their 70s, compared to 20% of those in their 50s and over and 29% of those in their 40s.
Over two-thirds of the under-30s believe their generation is likely to be much worse off in retirement than their parents’ generation.
Those who expect to work longer feel more stressed, less healthy and less engaged with their jobs. Of those who expect to retire at 70 or over, 29% are highly stressed and 34% are in poor health, compared to 10% and 18% respectively of those who expect to retire before they are 65.
However, a significant proportion of those who expect to keep working are not planning to stay in their current job. 44% plan to retire from their main job, but keep working.
David Bird, head of proposition development at LifeSight, said: “The fact that people are retiring later is not bad news in itself, as many studies have revealed numerous benefits associated with working longer. But, it’s worrying that many who are expecting to retire later are not doing so out of choice and are therefore more stressed and less engaged with their job.
“This is not just problematic for individuals, but also for businesses. Employers need to harness their experienced talent in the right way to create a productive and happy workforce.”