A survey carried out by insurance firm Aviva has found that 63% of over-50s in work are planning to retire later than they previously intended.
Of the 2,497 people polled, 38% of those aged over 50 have ‘insufficient retirement savings’, while 40% cited the rising cost of living as a reason for extending their working life.
It is estimated that, by 2030, half of all adults in the UK will be aged over 50, and many individuals will be working longer due to increases in the state pension age, which is set to rise to 68 by 2037.
Aviva also suggested that 44% of older workers feel ‘unsupported’ by their employers in regard to their career ambitions. In response to this, Aviva is urging employers to do more to help older employees to adapt to a longer working life, including offering flexitime and additional information on retirement finances.
Lindsey Rix, Managing Director of Savings and Retirement at Aviva, said: ‘Our findings suggest that older employees have a lot to offer at work, despite the challenges they face around workplace support. To make the most of this, employers need to provide rounded support for this generation where their wellbeing and work-related needs are considered, alongside the financial challenge of saving for retirement.’