Two-thirds (66%) of employees expect to have to work over the age of 65, according to a study by Portus Consulting.
Its research, which is based on 1,080 responses from employees and 43 from recruitment consultants, also found that just over one in ten (11%) of employee respondents anticipate they will have to work beyond age 76, or will never retire.
The survey also found:
- Around three-quarters (74%) of staff respondents feel they will have to work past the age of 65 because they do not feel they will have enough money to live on, whereas 13% believe it will be because they will have to provide financial support to their children, and 4% say they will be funding grandchildren.
- Half (50%) of employee respondents over the age of 65 who are still working are doing so because they do not have enough money to live on, while 22% are working to help children and 6% are still in jobs to help fund grandchildren.
- 42% of worker respondents believe they will have adequate income during their retirement, yet just 7% are very confident and 10% are very unconfident they will.
- Around a quarter (26%) of employee respondents say they will work beyond 65 because they enjoy working and do not want to get bored if they stop.
- 20% of recruitment consultant respondents believe 20% of the UK workforce will be aged 65-plus within five years.
Steve Watson, commercial director at Portus Consulting, said: “The demographics of the UK workforce are changing rapidly and this has huge implications for employers in terms of the range of employee benefits they offer.
“For example, an older workforce will want greater access to advice or guidance on how to use their pension savings while still at work, and it can also have huge implications for the provision of medical and critical insurance cover.”