Older workers are preparing to work until 70 years of age, according to a poll by the Chartered Institute of Professional Development (CIPD).
The survey polled 1,600 UK employees and showed that a third (37 per cent) of all workers believe they will have to work past the widely accepted retirement age of 65, a figure which jumps to 49 per cent among workers over 55 years old.
Among those who predict they will work past 65, the average age they expect to actually retire is 70.
Employees who indicated they were likely to work past 65 cited the ability to keep themselves mentally fit (32 per cent), followed by a desire to be able to earn enough money to keep enjoying themselves, such as going on holidays (27 per cent).
Despite these expectations of spending considerably more time at work, three quarters of employees don’t think employers are doing enough to support older workers. Just one in four of employees believe that their bosses will help the workforce to meet the needs of workers aged 65 and over.
CIPD pay and reward adviser, Charles Cotton said:
It’s shocking that despite a large proportion of UK workers planning to work past the age of 65, employers are so under prepared to meet the needs of a maturing workforce.
Older workers offer vast experience and knowledge, and can also act as mentors to young people in the workplace. To reap those opportunities, employers need to start reviewing and adapting their people practices as well as the design of the organisation, jobs and work to ensure that they are fit for the new purpose.
Additionally, the poll showed that 1 in 4 (23 per cent) of workers experienced a decline in their living standards in the past 12 months, with a similar number (24 per cent) believing they will see a further decline in 2017. This was said to likely be a consequence of expectations that inflation will continue to rise and rush past pay increases by the end of the year.
Just 55 per cent of all employees believe they will get a pay rise in the next twelve months, down from 66 per cent this time last year.