Older workers aged 55 and above are bracing themselves to continue working until they are 70 years old, according to recent research by the CIPD.
In a survey of more than 1,600 UK employees, more than a third (37%) of all workers believe they will have to work past the widely accepted retirement age of 65. This figure jumps to 49% of workers over 55 years old.
Among those who expect to work past 65, the average age they believe they will retire is 70.
The most common reasons for working past 65 are to keep mentally fit (32%) and to earn enough money to enjoy a good standard of living including holidays (27%).
The research suggests employers aren’t doing enough to support older workers, with just 25% of respondents believing their employer is prepared to meet the needs of workers aged 65 and over.
Charles Cotton, pay and reward adviser at the CIPD, said: “It’s shocking that despite a large proportion of UK workers planning to work past the age of 65, employers are so under-prepared to meet the needs of a maturing workforce. Older workers offer vast experience and knowledge and can also act as mentors to young people in the workplace. To reap those opportunities, employers need to start reviewing and adapting their people practices, as well as the design of the organisation, jobs and work, to ensure they are fit for the new purpose.”