Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Majority unwilling to cover costs of ageing population

by Personnel Today 23 Mar 2004
by Personnel Today 23 Mar 2004

The majority of Britons expect to retire later in life, but they are
unwilling to pay for the rising costs of an ageing population, according to a
new report.

A survey of nearly 3,000 people, by consultants Watson Wyatt and market
researchers YouGov, found that while the majority understand UK demographic
trends, less than one in five is willing to pay more than 2 per cent extra in
tax or National Insurance to fund the costs of an ageing society. An additional
expenditure of an estimated 4.5 per cent of gross domestic product (GDP) is
likely to be required simply to maintain current living standards for the
elderly.

The survey also found that more than 50 per cent of the respondents expect
that ‘significantly more’ people will have to work to later ages in the future,
while a further 38 per cent expect ‘slightly more’ people to have to work
later. Less than 7 per cent believe fewer people will end up retiring later.

The UK population will age significantly over the next 20 years. Currently,
people aged over 60 make up about 21 per cent of the total population. And
according to United Nations population projections, this number will rise to 28
per cent in 2023 and will reach 33 per cent by 2033.

Watson Wyatt’s analysis of the survey results found that those expecting
little in the way of retirement income from the state were the least willing to
pay more in tax and national insurance to ensure the standard of living for
pensioners is maintained. Those who are out of the labour market, older
individuals and those anticipating longer life expectancies, are willing to pay
more.

"It appears that individual responses are based, to a large extent, on
what is in their personal self-interest," said Jonathan Gardner.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

"Those who will gain the least from higher benefits because they expect
to rely mainly on private savings in retirement are the least likely to be
willing to pay more taxes to pay for the elderly. Those out of the labour
market who will gain the most from state subsidies are clearly most in support
of higher taxes to pay for the elderly."

By Quentin Reade

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

previous post
CRE urges SMEs to tackle race and benefit bottom line
next post
UK executives too scared to ask for flexible working

You may also like

Dallas Cowboy Cheerleaders receive 400% pay rise

4 Jul 2025

FCA to extend misconduct rules beyond banks

2 Jul 2025

‘Decisive action’ needed to boost workers’ pensions

2 Jul 2025

Business leaders’ drop in confidence impacts headcount

2 Jul 2025

Why we need to rethink soft skills in...

1 Jul 2025

Five misconceptions about hiring refugees

20 Jun 2025

Forward features list 2025 – submitting content to...

23 Nov 2024

Features list 2021 – submitting content to Personnel...

1 Sep 2020

Large firms have no plans to bring all...

26 Aug 2020

A typical work-from-home lunch: crisps

24 Aug 2020

  • Empower and engage for the future: A revolution in talent development (webinar) WEBINAR | As organisations strive...Read more
  • Empowering working parents and productivity during the summer holidays SPONSORED | Businesses play a...Read more
  • AI is here. Your workforce should be ready. SPONSORED | From content creation...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+