New research from Portus, the employment benefits consultancy firm, reveals that 66 percent of the British working population expects to work beyond 65. Just over one in ten (11 percent) anticipate they will be working beyond 76, or will never retire.
The main reason for working beyond 65 – cited by 74 percent of those who anticipate they will do this – is that they don’t think they will have enough money to live on. Some 13 percent believe it will be because they will have to provide financial support to their children, and 4% say they will be helping grandchildren.
Portus’s research shows that 50 percent 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 percent are working to help children and 6% are still in jobs to help fund grandchildren.
Around two out of five (42 percent) of workers believe they will have adequate income during their retirement. However just 7% are very confident while one in ten (10 percent) are ‘very unconfident’ they will.
Despite the retirement gloom just over one in four of those who expect to work beyond 65 (26 percent) say they will do this because they enjoy working and don’t want to get bored if they stop.