Number forced to work above retirement age up more than 60 percent

The number of people intending to work beyond 65 because they will need the extra money has more doubled in three years, according to research by insurance company Zurich.

Nearly 60 percent of working adults believe they will make the decision to work after 65 - either in a full or part time capacity - statistics from Zurich’s ‘big decisions’ survey indicate, while more than two thirds say they will do so because they cannot afford to retire.

The news comes as figures suggest that the largest number of South Ayrshire’s population was made up of those in the 45-59 age group last year.

Financial concerns as a reason to stay in work beat the number of people who said they want something interesting to do (49 percent), as well as those who said they want to give something back to society (13 percent).

Zurich’s research also shows that although 64 percent of people have started saving towards their retirement, nearly a quarter of over-55s have not yet saved anything towards their old age - a figure described by Zurich executives as ‘worrying’.

In addition, of those adults aged over 18 who have no retirement savings less than half said they intended to start putting money away. More than 20 percent said they had no intention of saving anything to fund their retirement.

Mark Peters, Head of Retail Propositions for Zurich’s UK Life business, said: “Given all the publicity about pensions - the state pension age increasing, the widely reported estimated £318bn pensions gap and the fact that there may not be a state pension in the future - it seems that people are still not recognising that they need to save to ensure a financially secure retirement.”