Most employees expect to work past the retirement age of 65

 
Jessica Morris
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Older workers want to support their children and grandchildren (Source: Getty)

The majority of Britons expect to work past retirement age, and some are doubtful that they'll ever be able to retire, according to new research released today.

The study, by employee benefits consultancy Portus, found 66 per cent of respondents are preparing to work past the age of 65, while 11 per cent have said they’ll work past the age of 76 or never retire.

Of these, 74 per cent cited concerns that they won't have enough money to live on during their so-called golden years, while 13 per cent want to fund their children, and four per cent intend to support their grandchildren financially.

Read more: Britain’s ageing population could boost economic growth – if we adapt

The UK's demography is currently undergoing a dramatic shift, as the post-war "baby boomer" generation grows older and people live longer, with the number of over-65s in the UK is expected to nearly double by 2050.

"This has huge implications for employers in terms of the range of employee benefits they offer," Steve Watson, commericial director at Portus Consulting, said.

"For example, an older workforce will want greater access to advice or guidance on how to use their pension savings whils still at work, and it can also have huge implications for the provision of medical and critical insurance cover," Watson added.

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