Half of non retired Brits plan to work beyond state pension age, according to Canada Life.
The provider's research revealed 36 per cent will work longer due to worries their pension will not be enough to cover day-to-day expenses in retirement, rising to 52 per cent in Brits aged 55 and over.
The state pension age is currently 66 years old for both men and women, however figures suggest the average individual plans to work until they are 72, a two year increase from 2022 when the research was last conducted.
Other reasons for working longer include concerns about the cost-of-living crisis and not preparing for retirement.
Concerns with working longer
Those that plan to work beyond the age of 66 have a number of concerns about it.
Some 34 per cent are worried they will not be able to enjoy old age with 24 per cent anxious they will be unable to spend quality time with family.
Health deterioration from working longer is also a key concern.
Dan Cook, protection sales director at Canada Life highlighted the onus was on employers to create a workplace culture where older employees feel comfortable and able to work.
He said: “This comes through understanding the individual needs of the workforce, which changes depending on which stage of life employees are at.
“Offering relevant benefits such as group life, group income protection and group critical illness cover is a simple yet effective way to support employees.”
In an article published yesterday (January 11) Iain Laws, Towergate Health & Protection chief executive, emphasised the need for employers to invest in wellbeing programmes for their employees.
He recommended seeking consulting advice to create a well functioning wellbeing programme that takes into account the specific needs of the different demographics that make up the workforce.
alina.khan@ft.com
