Britons to work longer due to insufficient retirement savings

Half (49%) of workers in the UK plan to work beyond State Pension age, with the average expected retirement age of 72. This is two years old than in 2022, according to the report from Canada Life. Over half (52%) of those over the age of 55 said they plan to work longer due to worries that their pension will not be sufficient to cover their day-to-day expenses. A third of those surveyed (30%) were worried about the impact of the cost-of living crisis and 29% were not sure how long their money would last. Of those who were planning to work beyond State Pension age, 51% said they plan to stay within the same or similar roles. Many of those surveyed were worried about the impact of having to work longer, with 34% concerned they will not be able to enjoy their old age as a result. A third (33%) were worried about their health deteriorating because of working longer, and a quarter (24%) about not being able to spend quality time with family. With AI and technology becoming more integrated within the workplace, 18% were concerned that they will not be able to keep up with new technological changes. Dan Crook, protection sales director at Canada Life, said: “It’s clear the cost-of-living crisis is making people re-evaluate their plans with many of those who are approaching retirement now facing the possibility of working beyond their State Pension age. For those who have to work in order to make ends meet, it’s understandable that this prospect may not be welcome.” When asked what employers could offer that would be of most use to those working past State Pension age, 45% said income protection. This was followed closely by critical illness cover (39%) and life insurance (38%). Opinium surveyed 2,000 UK adults between 10 and 14 November.

Britons to work longer due to insufficient retirement savings

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