More people working beyond retirement age, survey shows

More people over the age of 65 are choosing not retire because they enjoy being in work, according to a new survey.

The research, which was carried out by insurance company LV=, found that nine out of ten people aged over 65 are happy to continue working; just one in ten felt that they need to carry on working for the money.

Risk

The research, which surveyed 1,500 people, also found that one in seven respondents are reducing their work hours instead of retiring.

Explaining the findings, John Perks of LV= stated that many people are staying in work and remaining active because they wish to do so.

However, he added that there are a number of people approaching retirement who feel that they might not have enough money saved up. This means there is a risk that the next generation of “grey collar workers” will have to work out of necessity rather than for pleasure.

Flexibility

Terry King, a businesswoman from Bradford, is currently developing a community interest company named Chapter 3 Enterprise to help provide support for older people.

She discussed the benefits of reducing working hours, stating that it enables people to explore other pursuits, but also highlighted the importance of continuing to work beyond retirement.

King believes that employers need to start providing older workers with more flexibility, as this will help them to be “more engaged and more productive”. As a result, those who are still working will be “a lot healthier, happier and more intellectually engaged.”