A growing number of people expect to have to work beyond the age of 65, new research has found. According to a report by Portus, 66 per cent of the British working population expect to keep working past retirement.
For 74 per cent of those who expect to be working beyond 65 it will be because they cannot afford to retire.An additional 13 per cent believe it will be because they will have to provide financial support to their children. A further six per cent said they will keep working in order to help their grandchildren.The findings showed that one in five recruitment consultants expects 20 per cent of the UK workforce to be aged 65 and over by 2020.
However, there are some who believe they will never retire. Indeed, the study found that just over one in ten (11 per cent) anticipate they will be working beyond 76 years of age, or working indefinitely.
Steve Watson, commercial director at Portus said: “The demographics of the UK workforce are changing rapidly and this has huge implications for employers in terms of the range of employee benefits they offer.
“For example, an older workforce will want greater access to advice or guidance on how to use their pension savings whilst still at work, and it can also have huge implications for the provision of medical and critical insurance cover, for example.”
The research found that 26 per cent of people claim that over the past three years, they have noticed an increase in the number of people aged 60 being employed where they work.
With a growing number of workers set to work beyond the age of retirement, it is essential that the HR software systems of British businesses are updated in order to accommodate for the aging workforce.