Just under half of UK workers think they will continue working past their state pension age, according to research
Opinium polled 2,000 working adults and found 44% think they will work beyond their state pension age – down from 51% in 2020.
Of these individuals, 43% said their pension would not be enough to allow them to retire fully, while 22% will continue to work as they are unsure how long their savings will last.
One in ten, meanwhile, said although they are prepared to retire, their current lifestyle is too expensive for them to do so. A further 6% doubt they will ever be able to retire.
Andrew Tully, technical director at Canada Life, said:
“There are a variety of reasons for working beyond state pension age, or not retiring at all.
“For some people the social side of work would be missed, but for others, financial considerations are a key driver.
“As an industry, we need to find ways of encouraging better engagement in long-term financial planning as a way to ensure people are confident they are building sufficient savings for retirement.”
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