Do you expect to work beyond 65? Why this will be the case for most UK employees…
We now hear that 71% of people are on track to work after the age of 65. Furthermore, 2/5 of employees expect to still be working after they’ve turned 75.
This is according to research conducted by Canada Life Group, which also demonstrates a ‘long-term upwards trend’. In other words, the longer the research goes on, the more people predict they’ll be working in later life.
Why do so many employees think they’ll work beyond 65?
Some, but not all, of the top reasons comprise a clear financial component:
- An insufficient pension, requiring the employee to continue to earn an income (32%).
- Job enjoyment and an interest in ‘working for as long as possible’ (30%).
- No longer feeling able to ‘rely on a state pension/benefits’ (25%);
- Having saved for retirement but finding the ‘cost of living so high’ that additional income is required (21%);
- For other workplace benefits, such as social interaction (21%).
Considering the external financial factors:
Considering why finances bear such an impact…
- 71% of respondents attribute this to the ‘rising cost of everyday necessities’
- 63% say ‘rising inflation’ has chipped away at their savings
- 62% blame a ‘poor return’ on savings
- 58% put it down to ‘slow wage growth’
- While 51% consider Brexit-related ‘economic uncertainty’ to be the cause.
The article includes recommendations for employers. Yet how can individuals benefit from this research?
Looking at reasons 2 and 5…
Let’s focus on the non-financial findings for now. It’s wonderful to hear that almost 1/3 of employees enjoy their job so much that they don’t want to retire. We recently shared the news that older employees report greater workplace wellbeing, so it wouldn’t be surprising if these feelings also increase with age.
What’s more, the social interaction element is also at the core of these findings. Workplace wellness is most affected by relationships with colleagues at every age.
So, perhaps the trick is learning how to get more out of your career over the longer-term. We say ‘career’ as we all know it’s rare to find one role that will take you straight through to retirement.
- Everything is pointing to the need to keep improving our transferrable job skills as the world of work rapidly transforms around us. Employers are already experiencing a skills shortage (struggling to find appropriately skilled employees for their existing vacancies), so the more you can do to refresh and update your abilities, the more valuable an employee you’ll be. Both now and in the future.
- Find ways to improve your workplace happiness – whether in your current or next role. Returning to the research on workplace wellness, it’s important that you understand your priorities. What makes you feel happiest and healthiest at work might differ from your colleagues and might change over time. It’s not always possible to tick every box, but taking steps towards this could increase your overall career enjoyment.
- Tap into local and industry experts. Going it alone in a job search can prove overwhelming; particularly if you know little about the employers recruiting in your field or area. A professional Recruitment Consultant is well-placed to advise on the roles that they’re recruiting for. Building a great long-term relationship with an agency also means that you can return for tailored advice at the next stage of your career.