Workers confused over UK retirement age

Only a third of workers think that they will work until they are over 65 and just one in ten believes they will still be working in their 70s, according to research by Croner.

The survey, which questioned almost 1,400 UK working adults, found that 22% see themselves working until 60 or younger and 44% until 65.

Men are more likely to think they will work past 65, with 38% saying this compared to just 31% of women.

Those under 25 see themselves working longer than any other age group (40%) and this number decreases with age until rising again with the over 55s, (38%), suggesting that the attraction of retirement decreases as the time draws closer.

For those who see themselves working longer, the top reason for doing this is financial concerns (68%) followed by enjoyment of work (41%) and changes to the law (39%). Also important are keeping busy (38%) and living longer (27%).

While there are financial and social benefits to working longer, some of the respondents felt that those over 65 do become less capable with over a quarter (27%) saying this is an issue. This rose to 35% among the under 25s, while only 19% of the over 55s felt this is the case.

Gillian Dowling, employment technical consultant at Croner, said: “There are definite signs that the retirement age is going to increase but, as our research shows, people are still unsure of what to expect and are not preparing to work past 65. As further government consultation on the national default retirement age is only set to start next year, this will remain an area of uncertainty for both employers and employees for some time.”

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