July 17, 2008
Lack of Planning Forces Britons Back to Work, Says Survey
New research from life insurer Zurich has revealed that Brits are being forced to delay their retirement, or return to work due to their failure to plan for their retirement.
The survey has revealed that 64% of Britons of retirement age are considering carrying on working after retirement, with nearly a third of people expecting to return to work for financial reasons.
The research has also found that those facing retirement expect to return to work for other reasons as well as financial pressures. Over a third of people want to stay active through their retirement and therefore are considering continuing to work.
About a quarter of people plan to keep working because they are worried about being bored in retirement. Just over two in ten believe they still have a contribution to make and would therefore consider continuing to work; and one in ten people say they will miss the buzz of working life. Only 36% of people are not considering going back to work at all.
Worryingly, it seems that Britons are failing to seek financial advice to help ensure a comfortable retirement. Zurich's research shows that 74% of Britons have never sought advice on planning for their retirement.
It seems the younger generation are least likely to seek advice, with 94% of those aged 25-34 choosing not to seek advice, whilst for those approaching retirement, surprisingly, almost seven out of ten people of those aged 55 and over have never sought advice.
The research has also showed that Britons have potentially unrealistic expectations of the lifestyle they can expect in retirement. Whilst 42% of people recognize that they are not saving enough now to afford their ideal lifestyle in retirement, people still intend to enjoy a rich and varied retirement with four out of ten people planning to pursue even more activities in retirement.
About 65% of Britons are expecting to go on holiday every year in retirement and more than half believe that they will be able to get away at least twice a year. And an incredible 16% of Britons plan to travel extensively in retirement and take a holiday every three months.
Tony Solomon, director of business development at Zurich UK Life, commented: "Whilst it is encouraging to see that people intend to lead such an active retirement, there is real need to alert people about the importance of planning for their retirement from an early age."