Baker Stuart’s Insight: New research shows that 3 in 4 UK workers now expect to work beyond the statutory retirement age, with nearly half expecting to work beyond the age of 70. Almost 90% say that this is due to rising living costs. Beyond that, this finding also raises questions for how we can fully harness the productivity, knowledge and skills of older workers in an ageing, but multi-generational workforce.
Three in four employees will work beyond 65 as rising cost of living and poor returns on savings takes its toll 23 million workers 1 (72%) say they will have to work past state pension age
Nearly half of UK employees (47%) will be older than 70 before they retire, up from 37% in 2017
Those at the peak of their financial responsibilities aged 35-44 are feeling the squeeze the most, with 27% expecting to retire after their 75 th birthday
One third (35%) believe that older workers will have to learn new skills or retrain to remain employed but 41% think that a mix of older and younger employees creates a wider range of skills to draw on The proportion of UK employees who say they will work beyond the age of 65 has remained at three-quarters (72%) for the second year running, significantly higher than in 2016 […]