Job satisfaction is the main driver for older workers
It is not only – or even chiefly – economic pressures and the need to keep earning a living that pushes some people out of retirement and back into work - job satisfaction is main driver for the number of older workers in UK workplaces.
That is the message emerging from a story published by the Express newspaper on the 22nd of May 2017, citing a survey of more than 1,000 employees aged 50 plus, revealing that two out of five of them intended to carry on working beyond the age of 65.
Respondents gave a host of reasons other than needing the money for their decision to continue working past retirement age:
• the majority – some 54% - said it was simply because they enjoyed working;
• a similar proportion (52%) said that by working, they hoped to keep boredom at bay;
• 53% explained that being in employment gave them a sense of purpose in life;
• an increasingly fit and healthy proportion of those approaching retirement age have little interest in the conventional stereotypes of “growing old gracefully”;
• approximately 41% of those surveyed did admit that the income from work was a big incentive – surprisingly, perhaps, more women (46%) than men (37%) gave this as a reason for continuing to work.
The preferences expressed in the survey reported by the Express newspaper are also borne out by official statistics.
The Chartered Institute of Personnel and Development (CIPD) notes that the number of people in employment over the age of 65 now stands at more than 1 million – double the number in 2004 and 3% higher than in 2014.
Other official data shows that more than one in 10 of the over 65s are in some form of employment – part-time or full-time.
31% of the UK workforce are aged 50 plus
Office of National Statistics figures show a record number of older Britons are now in employment, with nearly one in three workers now aged 50 plus. This equates to around 9.9 million people and 31% of the UK workforce.
This is also a 5% increase in the number of older workers from 2007 and 10% in the last 25 years, when workers aged 50 plus made up 21% of the UK workforce.
As more people continue to work in one capacity or another beyond their retirement age, so more employers are also recognising the importance and value of age-diversity in the workplace. This, in turn, provides further stimulus for those who choose to work, being able to continue in work.
Moving from full to part time employment and worried about a loss of income?
Finally, if you are concerned about any loss in income by moving to part time employment from full time employment, you may wish to find out more about transferring your pension into a flexi access drawdown. This enables you to take the pension benefits you need and help subsidise any loss of income.
Call us for further information on 01622 238000 or Freephone 08000 469696.