Saturday, February 07, 2009

Survey: Baby Boomers in United Kingdom Shifting Attitudes towards Retirement

A survey conducted by Standard Life shows a transformation in attitudes to retirement amongst the baby boomer generation. As presented to a Reform debate on "The Death of Retirement," the research found, among other things, that rather than retirement being when they stop work, 39.3% of adults in the United Kingdom (rising to 42% of 46-65 year olds who are wealthier) want to continue to be involved at work but on their own terms, whereas only 15% of their parent's generation wanted to stay in some kind of work at retirement.

Andrew Haldenby, Director, REFORM commented: "This debate shows there is clear support for the idea of an active retirement and the fact that people need to take more control. Government needs to do more to encourage that." Nigel Waterson MP, Shadow Pensions Minister said: "Retirement should be less of an event and more of a process. We need to move away from the notion of pensions towards long term savings. It's all about flexible retirement."

Source: Standard Life Press Release (February 4, 2009)

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