Fifth 'expect to work until 70'

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File photo dated 03/05/10 of two women walking along the beach in Bournemouth as one in 12 people planning to retire this year will still be paying off their mortgage. PRESS ASSOCIATION Photo. Issue date: Friday January 24, 2014. Prudential, which carries out research each year to gauge the state of people's finances as they approach retirement, found that one in six (17%) people ending their working lives in 2014 will still be burdened with some form of debt, including mortgages, credit cards or personal loans. Some 8% of those planning to retire in 2014 said they still have not fully paid off their mortgage and around 10% still have credit card debt piled up. On average, those who still have some form of mortgage and/or non-mortgage debt owe ?24,800, although this figure is around one fifth (21%) lower than the typical debt in 2013 of ?31,200, researchers found. Across Britain, Scotland had the highest rate of people retiring this year with debts outstanding. Nearly one quarter (24%) of people retiring in 2014 there said they would have some form of debt. See PA story MONEY Retire. Photo credit should read: Chris Ison/PA Wire

One in five Britons thinks they will be working until they are at least 70 years old - making them almost twice as likely to have this expectation as workers across Europe - according to a new global report.

Some 19% of Britons predict they will work into their eighth decade of life, compared with an average of 12% of workers in Europe generally, according to a survey of more than 30,000 people in 60 countries by market research company Nielsen.

Some 44% of Britons expect to retire after the age of 65, which is almost double the global average share of people who said this at 25%.

One in 22 (4.5%) of Britons surveyed believe they will still be working at the age of 76 or over.
Almost half (46%) of British workers surveyed said their expected retirement age is later than they would like.

More than one third (35%) of working Britons expects to be relying on their savings to help them get by in their later years. More than half (52%) feel they will be financially better equipped than their parents for retirement, although this percentage was found to be significantly lower than the global average at 70%.

Over half (54%) of British consumers reported having enough money to live comfortably on as one of their biggest fears about ageing. Losing mental agility and the ability to care for basic needs were found to be Britons' biggest concerns about growing old, with nearly two thirds (63%) of people
surveyed citing these as worries.

Nielsen senior vice president for financial services in Europe Eleni Nicholas said: "Britons have a bleaker retirement outlook than people globally; they're almost twice as likely to expect to be working after 65, and a third less likely to believe they'll be financially better off than their parents."

The findings come as the Government's landmark programme to encourage people to start saving or put more money away for their retirement continues to be rolled out.

The move aims to head off fears of a looming retirement savings crisis, with people living for longer but failing to put enough money aside for their old age.

Around 10 million people are expected to be newly saving or saving more as a result of the Government's scheme to automatically enrol people into workplace pensions, which started in autumn 2012 with larger firms.

So far the scheme is seen as being a success, with a higher-than-expected rate of nine in 10 people staying in the pension they have been placed into, rather than opting out.

A Department for Work and Pensions spokesman said: "We have abolished the default retirement age and extended the right to flexible working so people can work longer if they want to, and more older workers are choosing to stay in the labour market.

"Our workplace pension reforms are making a positive difference to people's retirement prospects and will help millions secure a better future."

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