Occupational health professionals have warned that employers could face challenges in managing the needs of the more than 50% of workers who either do not expect to retire or are unsure when they can afford to do so.
An online poll among 1,478 UK workers undertaken by ICM Research on behalf of Baring Asset Management revealed that one in ten employees, the equivalent of 3.5 million people, believe they cannot afford to stop working – ever – while 42% were unable to say when they could realistically do so.
The figures contrast sharply with attitudes expressed only two years ago, when 100% of workers said they expected to retire and only 1% did not know at what age this was likely to be possible.
Marino Valensise, chief investment officer at Barings, said: “A combination of increased longevity, a rise in the cost of living, and people not saving enough means that more people are being forced to work beyond the age of 65. They simply can’t afford to stop working.”
The number of people no longer expecting to retire has jumped to 15% among people aged between 55 and 64 and to 36% for those aged 65 and over. About 100,000 believe they will need to keep working until they are at least 76 years old, while 2.3 million anticipate being over 65 when they are able to leave the workforce for good.
Of those that plan to retire after 65, just over two thirds were men and a third were women.
But the Institute of Occupational Medicine has warned that, even though the removal of the default retirement age had been welcomed by many, managing the health needs of older workers could prove a challenge for employers.
“Supporting and maintaining health and wellbeing at work will require input from a range of professionals in occupational health, public health, safety, occupational psychology, human resources and social policy,” the body said.
An evidence review carried out by the Institute indicated that many older workers had much to offer their employers as they tended to be more accurate and could call on accumulated knowledge and experience. While reaction times were slower, the issue was unlikely to have much impact on general working life, but age-related physiological changes tended to have a bigger effect.
As a result, ergonomics was likely to play an important role in supporting older workers. “Ergonomics can help to improve workplace and environmental design, task design and minimise the physical and mental risks to older workers. Designing work to fit the physical and mental capabilities of the employee can reduce the risk,” the Institute said.
