Brits delaying retirement to stave off debt worries?

People in Britain may be delaying their retirement in an effort to stave off debt fears.

New research from Friends Provident – detailed in the fourth chapter of the Visions of Britain 2020 series – has revealed many individuals intend to carry on working past the recommended age of ending employment.

The study showed the UK’s older citizens are spurning the traditional view of ageing, as people now consider themselves ‘old’ at a later date than previous generations.

It was found 51 per cent of respondents wish to continue working after the retirement age as a way of keeping active.

Furthermore, 47 per cent of those questioned stated they are worried they may become bored when their working life draws to a close.

Another 43 per cent said they enjoy the social aspect of being involved in a working environment.

Moreover, the British Household Panel Survey and The Future Foundation estimated 51 per cent of volunteers in the year 2020 will be aged 60 or over as older people wish to continue making a contribution to wider society.

Trevor Matthews, chief executive officer for Provident Holdings in the UK, added many individuals will spend the money that would have otherwise been given to loved ones in the form of inheritance as a result of increasing life expectancy.

The industry figure observed: “These individuals will not only continue to contribute to their pensions with their continued earnings, but those who will position their activity towards volunteering will make momentous contributions to their local communities.”

A recent study from LV= revealed many over-50s in Britain could face debt problems if a rise in interest rates was to take place.

By James Francis