Around 49 per cent of non-retired Britons, equivalent to 19.2 million, plan to work beyond their state pension age, according to Canada Life.
Nearly 36 per cent of respondents fear insufficient pension coverage while concerns about the expense of living (30 per cent) and doubt about one’s ability to maintain financial stability (29 per cent) are other factors.
Among the non-financial factors are routine (23 per cent), work satisfaction (20 per cent), and lack of retirement planning (18 per cent). Of these, 51 per cent intend to continue in their current roles.
Concerns about not enjoying old life (34 per cent) health deterioration (33 per cent), lack of family time (24 per cent), and difficulties keeping up with technology (18 per cent) are among those who work past retirement age.
Benefits are important according to the findings with 34 per cent of British workers saying that competitive benefit packages or corporate policies have an impact on them. For workers past the state pension age, income protection at 45 per cent, critical sickness coverage at 39 per cent, and life insurance at 38 per cent are desired workplace benefits.
Furthermore, 24 per cent believe that having access to rehabilitation services is important for getting back to work following a serious illness.
Canada Life protection sales director Dan Crook says: “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.
“However, the positives that work offers should not be ignored, for both the employee and the employer. Older workers are a huge asset to the workplace, bringing years of experience as well as a wealth of resilience and insight that can benefit both younger workers and the company they work for.
“Regardless of the reason for people continuing to work beyond the state pension age, employers have a duty of care to ensure they support an inclusive culture and understand the changing needs of older colleagues.”
Crook adds: “Employers should foster a culture where their older workforce feels able and comfortable to continue their working lives. This comes through understanding the individual needs of their workforce, which change depending on which stage of life they are at. Offering relevant benefits such as group life, group income protection and group critical illness cover (solutions that normally come with additional support services) is a simple yet effective way to support employees.”