More than half of older generation of employees will work longer

More than half (55%) of the UK’s older generation of employees never anticipate ceasing work completely

According to a survey by HSBC, conducted among 2,000 of the UK’s over 50’s, 60% intend to do continue working to compensate for the shortfall in their retirement income, with 55% of 50-60 year olds and 67% of 61-70 year olds also doing so.

David Wells, head of pensions, savings and investments at HSBC, said: “The findings from this research show the changing nature of the UK’s workforce at first hand as the population ages and also highlights the key drivers influencing today’s older population when it comes to decisions of employment.

“As the requirement for people to work longer becomes more apparent it appears that the over 50’s are embracing this head on and pursuing the careers they have always wanted.

“Many it seems are doing this to fill a shortfall in retirement income, but equally many are looking to embrace new skills and challenges that may now only become possible after careful financial planning during their earlier working life.

“It appears that it is never too late to change, but to ensure that a later career will offer the financial support required it is important that people seek financial advice early on so they can enjoy their change of career focus for many more years to come.”