How many of us are willing to work beyond the age of 65? According to the latest research from Canada Life, the proportion of UK employees who say that they will work beyond the age of 65 has remained the same at three-quarters (72%) for the second year running. The data shows that this is significantly higher than in 2016 (67%) and 2015 (61%). The survey also reveals that nearly half of those who say that they will expect to be working beyond 65 will be older than 70 before they retire. This is up from 37% in 2017. Whilst almost a fifth (17%) of those expect to be older than 75. Workers that are aged 35 to 44 years old are most likely to say that they expect to retire after the age of 75 (27%).
This data is backed up by the various economic factors which are driving employees to work for longer. According to the survey, there were 90% of UK employees saying that the increasing cost of living is the main reason why they expect to be working after the age of 65, with 87% saying the same of meagre returns on savings due to the low-interest rates, with consumers still yet to see last November’s interest rate passed on. There were 86% of UK employees that pointed towards inflation. The opinions about the UK’s ageing workforce is divided as it introduces a new set of challenges for workers to deal with. Over a third (36%) believe that an ageing workforce might mean that the older workers will need to re-train or learn new skills to be able to stay in work. 30% think that it could make it more difficult for younger people to move their way up the career ladder. However, there were more than two fifths (41%) that are positive that having a mix of both young and old employees can create a workforce that has a broader range of skills, which can be beneficial for employees and employers.
Just 6% think that the government is helping to promote the older workers, however. This figure is down from 11% following last year’s announcement of an increase in state pension age. The data also reveals that currently, only 13% think that employers are encouraging the older employees to remain in the workplace, and 15% believe that the older workers are appreciated and respected in the workforce. There are many different forms of support for older workers in the workplace, but the most effective are often the simplest. Just under half of employees (45%) believe that being able to work flexible or having opportunities for part-time are some of the most important when it comes to providing support for an ageing workforce. Out of those that expect to be working beyond the pension age, 60% of them said that they would be more inclined to work for an employer that offered health and wellbeing benefits.
About the Author
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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