Is working in retirement damaging families?
A third of the over 55s expect to work past the age of 65, heaping pressure on their shoulders, and worrying their family. But is working in retirement really so terrible?
The number of over 65s choosing to continue to work has risen 26% to 1.1 million since the abolition of the default retirement age in October 2011. The study, from Scottish Widows, revealed that a shocking 44% of people say they need to work in order to supplement the income from their pension, while 13% have debt or a mortgage they still need to repay.
Concerns
The research found that younger members of their family are concerned about the implications of their parents working later in life. Almost a quarter are worried about the health implications of their parents working into their 60s and 70s, and would like to see them take a well earned rest. Meanwhile, one in five are worried that they get to spend less time together as a family as a result.
On a slightly less selfless note, almost one in ten say they don't know how they will manage their own work and family needs if an older relative continues to work. Among those with children under the age of 18 that rises to 13%.
Grandparents are a linchpin in many childcare arrangements. Whether they take the children for a couple of hours every-so-often, or have regular daily commitments, without help from grandparents, a significant proportion of parents would struggle.
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The flip side
But while the benefits of having free childcare are obvious, not everyone wants to be an unpaid childcare provider as they get older. It's a difficult and often thankless task, and not everyone was born to do it.
Many older people would actually prefer to continue working, and 24% of them choose to do because they enjoy their job and want to continue their professional development.
Families are benefiting financially. Almost one in five people over the age of 55 say they will work over the age of 65 because they need to support their family financially. Whether they are providing income for elderly parents, or helping adult children onto the housing ladder, everyone gains from the extra cash.
And it's not just the finances: family relationships can benefit too. The study highlighted that one in five men and one in 10 women felt improvements in family relationships as a result of spending more time independently.
But what do you think? Is working later bad for families, or do the benefits outweigh the downsides? Let us know in the comments.
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