Almost two-thirds (60%) of respondents would be more inclined to work for an employer that supports their health and wellbeing with benefits and initiatives working past the age of 65, according to research by Canada Life Group Insurance.
The survey of 1,004 UK employees also found 35% of respondents planning to work past the age of 65 cite income protection as the most useful benefit, while 30% who feel critical illness cover is useful and 32% rank life insurance as most helpful.
The research also found:
- 42% of respondents think that flexible working is the top priority when looking for a new employer past the age of 65. This compares to looking for organisations with a good reputation for taking care of older employees (31%) and economic incentives (31%).
- 25% of respondents believe that flexible working opportunities are the most important factor when it comes to supporting an older workforce, 20% feel more part-time opportunities best support an older employee base.
- 12% of respondents think that new skills training is most important in supporting an older workforce, compared to 11% who rank age positive practices, such as removing age barriers on apprenticeships, as the most supportive element for older employees.
- 29% of respondents think they will have to work beyond the age of 65 because their pension will not be sufficient. 24% feel that they will still need a wage to cope with the high costs of living, 21% have concerns about the cost of long-term care, 21% are not prepared for retirement or are unsure how long their money will last, and a further 21% feel they can no longer rely on the state pension or benefits.
- 19% of respondents want to continue working past the age of 65 in order to continue receiving their employee benefits, compared to 36% who cite work satisfaction as the reason they will consider continuing to work beyond 65.
Paul Avis (pictured), marketing director at Canada Life Group Insurance, said: “[While] financial concerns will never truly fade, it is incredibly encouraging to see employees choosing to stay in work because they enjoy it and this changing attitude must be endorsed and reinforced by employers. Our research shows that creating an environment that is flexible to the changing needs of employees is key to attracting and retaining [employees] as they approach later life and continue into it.
“Increasing value is being placed on employee benefits packages by older [employees], which include products such as income protection and critical illness cover that protect staff financially in the event of ill health. Older [employees] have a more immediate need for benefits packages as well as the wide range of support services they offer, from early intervention to employee assistance programmes and second medical opinion services, all of which can be used without being a claimant and so add additional, daily value to workforces.”