More than 33 million workers will be forced to work beyond their retirement age, according to a new study by Aviva.
The latest Aviva Real Retirement report, which interviewed 2,600 people – 1,400 aged over 55 and 1,200 under 55 – has found that 68% of workers are so concerned about their finances that they will continue working past the standard ages to give up work of 60 for women and 65 for men. And one in 10 believes they will never be able to give up work.
The study also found that two-thirds of people aged over 55 faced such financial hardship that they were now more worried about tax rises than health issues, including the death of their partner.
Clive Bolton, director for Aviva Life, said: “Keeping minds active, staying out from under their partner’s feet and enjoying social interaction appear to be real benefits that are pushing people to keep working. Gradual or part-retirement appears to be a very real choice for many older people rather than the traditional rigid retirement age.”
The report also found an “extreme gap” between the best and worst-off 55- to 64-year-olds. While 22% survive on less than £750 a month, at the other end of the scale, 13% have personal savings of more than £100,000. One in seven have no savings whatsoever.
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