Employees looking to work past SPA doubles in three years

Written by Marek Handzel
06/07/18

The number of employees wanting to stay in work past retirement age has more than doubled in three years, from 17 per cent to 36 per cent, according to Canada Life.

The insurer has said that the rise is predominantly down to positive and non-financial motives for the first time in half a decade, after conducting research based on 1,004 UK employees in full and part-time employment.

Work satisfaction is now the most likely reason UK employees will work beyond the state retirement age, with 36 per cent of men and women saying that they find fulfilment in their jobs, while 25 per cent have said that they get other benefits from work, such as social interaction.

Another 29 per cent said they would keep working to make up for insufficient pension pots and 24 per cent said that the rising cost of living would force them into staying employed.

In terms of what they want from employers, nearly half of potential older workers say that flexible working options are the most important when considering a new role.

Three in five workers also said that they would be more inclined to work for an employer that supported their health and wellbeing with benefits and initiatives.

Canada Life Group Insurance marketing director Paul Avis said that while financial concerns would never truly fade for older workers, it was “incredibly encouraging” to see employees choosing to stay in work because they enjoy it.

“This changing attitude must be endorsed and reinforced by employers,” Avis said.

“Our research shows that creating an environment that is flexible to the changing needs of employees is key to attracting and retaining workers as they approach later life and continue into it.”

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