The proportion of older workers planning to work beyond state retirement age has nearly doubled in the last two years according to a survey by the Chartered Institute of Personnel and Development.
The Employee Outlook survey from the Institute shows the proportion of people aged 55 and above planning to work beyond the state pension age has jumped to 71 per cent, compared to 40 per cent in a survey two years ago. Most people who said they plan to work longer gave financial factors as the reason.
The research also shows that the older people get, the more likely they are to be planning to work beyond state retirement age, suggesting that reality bites as they get closer to drawing their pension. Just 30 per cent of people aged between 18 to 24 plan to work beyond the state retirement age, however 52 per cent of this age group said they did not know and 18 per cent said they would not work longer.
There is a stark split between those working in the public, non profit and private sectors. Some 90 per cent of public sector workers are looking forward to a pension from their current employer. This compares with 53 per cent of workers in the non-profit sector and just 36 per cent in the private sector.