Thursday, June 21, 2018

United Kingdom: Survey Finds 72% of Workers Working Past Retirement Age

The proportion of United Kingdom employees who say they will work beyond the age of 65 remains at 72% for the second year running--but significantly higher than in 2016 (67%) and 2015 (61%)--according to the latest research from Canada Life. In addition, the survey finds:
  • 47% of UK employees will be older than 70 before they retire, up from 37% in 2017
  • Those at the peak of their financial responsibilities aged 35-44 are feeling the squeeze the most, with 27% expecting to retire after their 75th birthday
  • 35% believe that older workers will have to learn new skills or retrain to remain employed but 41% think that a mix of older and younger employees creates a wider range of skills to draw on
Paul Avis, Marketing Director of Canada Life Group Insurance, comments:
The combination of an increase in the cost of living, poor returns on savings and inflation continue to impact the UK’s retirement plans. This is the second year in a row that our findings indicate that more than 70% of the country’s workforce expect to work beyond the age of 65, and there is no sign that this trend will slow down any time soon.

But even as an older workforce becomes more common, the stigma surrounding older workers is proving hard to shake. Employers now have the opportunity to capitalise on the skills of two or even three generations, but only if they address potential generational divides and the changing needs of their employees.

Source: Canada Life News Release (June 20, 2018)

No comments: