British workers least likely to plan to stop working at retirement age in Europe

British workers are the least likely in Europe to plan on stopping work at their retirement age, with under a third (30 per cent) planning to leave employment entirely, according to research from Aegon.

The pension provider’s research of 16,000 people in 15 countries found that this compared with 57 per cent of workers seeking to leave working life for good at retirement in Spain, 49 per cent in France and 40 per cent in Germany.

Across the continent, 58 per cent of workers did not plan to stop work immediately at retirement, with the biggest reason for taking this route, cited by 59 per cent of respondents, being the desire to stay active and keep their brain alert.

Aegon head of pensions, Steven Cameron, said: “Increased life expectancy, greater flexibility and a desire to remain active and mentally astute are all factors driving a desire among UK workers to choose both the timing and the way in which they retire.

"In contrast to workers in some other European countries, there’s a far greater desire to transition into retirement.”

Aegon's research also found that less than a third (30 per cent) of UK workers have a backup income plan if they cannot continue working before they reach their planned retirement age.

The firm revealed that just under half (47 per cent) of UK retirees retired sooner than they had planned, with the two largest reasons for stopping working being job loss and ill health.

Cameron, commented: “People’s plans and their choice of how and when they retire is susceptible to a number of factors, including their own health, the need to care for other and unfortunately, ageism in the workplace.

"Currently, just one in three workers in the UK (36 per cent) feel they work in an age neutral workplace, recognising employees of all ages.

“Unfortunately, it may be for many, what they’d hoped would be a gradual transition could turn into a sudden departure from work as the impact of coronavirus proves to be an employment game changer.”

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