23m Brits plan to work beyond age of 65
An astonishing 23 million UK employees, equating to 70 per cent of the workforce, expect to work beyond the age of 65, research from insurer Canada Life has revealed.
Amongst this group, seven in ten said rising living costs were the main reason for working longer. Around 63 per cent highlighted inflation eroding the value of their savings as a factor, while 62 per cent pointed to poor returns on their savings.
Close to a third of this group want to continue earning money beyond the age of 65 because they have insufficient pension savings.
Canada Life was keen to point out that some workers are not upset about the prospect of working beyond 65. Three in ten plan to continue working because they enjoy their job, while 17 per cent want to continue receiving employee benefits – particularly income protection and life insurance.
In addition, 25 per cent have taken the view that they can no longer rely on the state pension or state benefits.
Paul Avis, marketing director of Canada Life Group Insurance, commented: “The rising cost of living and poor returns on savings continue to exert pressure on employee’s finances.
“We found well over a third would consider themselves lucky to retire before 75, never mind the fact that over 70 per cent expect to work beyond 65 for the third year in a row.”