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Consultancy
Future Laboratory has renamed retirement ‘returnment’,
following research showing that 64 per cent of Britons are considering
carrying on working after reaching retirement age.
The research, carried out by life insurer Zurich, found that 31
per cent of those putting off retirement have said they are doing
so for financial reasons. As well as financial pressures, other
reasons for people considering continuing their working life are
the need to stay active in retirement (34 per cent) and 22 per cent
believe they still have a contribution to make in the workplace.
The results were presented at Zurich’s recent credit crunch
conference, and the Rt Hon Michael Portillo commented: “The
combined impact of the rising cost of living, rising inflation,
fears of recession and the constant media coverage of the credit
crisis, has created insecurity for a huge number of people approaching
retirement concerned about their financial future. Given that so
many people are aware that they will have financial difficulties
in retirement, more and more people are staying on at work, or returning
to work to help ease the financial pressures they face ahead.”
The results show a north/south divide when it comes to the reasons
for returning to work, with financial pressures cited as the main
reason in the north (31 per cent). Elsewhere in the UK, staying
active was the more important issue.
Zurich also found that 74 per cent of Britons have never sought
financial advice for retirement planning, and 94 per cent of those
aged 25 to 34 fell into this category. 69 per cent of over 55s have
never asked for advice, and 68 per cent of those aged 45 to 54 years
were in the same boat.
The results show that Brits expect to take several holidays in retirement,
and to attend cultural events.
Tony Solomon, business development director at Zurich UK Life, said:
“As life expectancy continues to rise and the amount of time
people spend in their retirement increases, many people are re-evaluating
how they will spend their retirement.
“Yet it is worrying to see that people, especially those that
are most vulnerable, are still not getting the financial advice
that they may need. Seeking financial advice will allow people to
develop a greater understanding of the levels of income they can
expect in retirement and what steps they should take now, to ensure
they can enjoy a full and active retirement.”
- Pensions Age
July 2008
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