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