The joy of getting up to go to work and the fear of boredom are driving the over 50s to reconsider giving up their jobs.
Almost 40% of over 50s are considering staying at work even though they have reached retirement age, according to a new survey.
More men (43%) are likely to remain in the workplace than women (35%), says research by financial firm Retirement Advantage.
Although the latest official figures show 10% of over 65s are still working, this number is likely to grow.
The choice seems to depend on where the over 50s live, with the research showing those living in London (50%); the East (47%) and South East (41%) are keener to remain at work than those in the South West (34%); West Midlands and Scotland (Both 35%).
Money doesn’t matter
The survey also revealed that money is not the reason why most want to stay at work.
More than half (54%) confessed they enjoyed working, while 53% felt a job offered them a sense of purpose and 52% considered working stopped them from getting bored.
“For some, remaining in work is not a desire but a necessity, as concerns about inflation and the rising cost of living increase anxiety over how they will pay the bills,” said Andre Tully, pensions technical director at Retirement Advantage.
“Health issues mean that not everyone approaching retirement will be able to stay in their job. These people need a robust financial plan that will provide certainty they will be able to pay the bills throughout retirement but flexibility to cope with whatever the future might throw up.”
Value of older workers
Tully also explained that although productivity statistics for the UK may lag other countries, some people really do enjoy working.
“We hear a lot about the productivity problem in the UK, which can give the impression that we Brits don’t like working, but this research proves that is not the case,” he said.
“Lots of over 50s enjoy their jobs, and are keen to continue working for as long as they can simply because they believe they’d be bored without it. It’s important that businesses recognise the value of older employees’ expertise and experience, and support them to stay on.”