Two out of three expect to work beyond 65

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  • 74% of those who expect to be working beyond 65 say it will be because they will not be able to afford to retire
  • 13% will carry on working to provide financial support to their children
  • Only 7% of the British workforce is ‘very confident’ they will have adequate income in retirement
  • One in five recruitment consultants expects 20% of the UK workforce to be aged 65 and over by 2020
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New research reveals that 66 per cent of the British working population expects to work beyond 65.

Just over one in 10 (11 per cent) anticipate they will be working beyond 76, or will never retire, according to research.

The main reason for working beyond 65 – cited by 74 per cent of those who anticipate they will do this - is that they don’t think they will have enough money to live on. Some 13 per cent believe it will be because they will have to provide financial support to their children, and four per cent say they will be helping grandchildren.

The research carried out by the employment benefits consultancy firm Portus, shows that 50 per cent of those people aged 65 and over who are still working are doing so because they do not have enough money to live on while 22 per cent are working to help children and six per cent are still in jobs to help fund grandchildren.

Around two out of five of workers believe they will have adequate income during their retirement. However just seven per cent are very confident while one in 10 are ‘very unconfident’ they will.

Despite the retirement gloom just over one in four of those who expect to work beyond 65 say they will do this because they enjoy working and don’t want to get bored if they stop.

Portus Consulting Commercial Director Steve Watson says: “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.”

Portus’s research reveals 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.