United Kingdom: Survey Finds Pension Crisis Will Force Older Workers To Work or Earn into Their 70's

According to researchers for Friends Life Limited, a generation of "Wearies"--Working, Entrepreneurial and Active Retirees--"could be forces to continue working into their seventies and beyond due to hardships caused by the looming pensions crisis." Specifically, the study--"Pensions: Crisis and Reforms"--finds that 51% of Britons who are already retired said they would be prepared to do part-time work to boost their pensions, a figure which rises to 75% among those who are yet to retire.

Martin Palmer, head of corporate benefits marketing at Friends Life, said:

"We're expecting the traditional image of the pensioner with slippers and rocking chair to change completely.

"Many will not have saved adequately for a secure retirement and, with years of fiscal austerity taking their toll, by 2020 many people in their seventies simply will not be able to afford to give up working."

Source: Friends Life Ltd. News Release (January 9, 2012)