Almost a quarter of over 50s have kept working due to a lack of retirement funds, according to a joint study by Co-op Funeralcare and Co-op Legal Services.
The research, which is part of a series of studies released ahead of Co-op’s over 50s report, revealed that 18 per cent of UK citizens aged 65 and over were reluctant to give up work.
This is in stark contrast to those aged 18 to 24, with just 8 per cent believing they will never retire.
With the weekly household disposable income for over 50s now standing at £306, Co-op cited financial concerns as a key reason for delaying retirement.
The group found that 22 per cent of the over 50s kept working due to a lack of retirement funds, with 16 per cent saying they work still to make ends meet.
More than a tenth of over 50s said retirement was not an option due to having debts to pay off, while 7 per cent still had mortgage repayments to fulfil and 9 per cent needed an income to fund increasing gas and electric bills.
A further 8 per cent kept working due to financially supporting their children for longer than expected.
James Antoniou, head of wills at the Co-operative Legal Services, said: “It is understandable that as a nation of workers, UK adults are keen to continue to work for as long as they can.
“However, with a third of over 50’s delaying retirement due to financial concerns, the findings also highlight the importance of planning early for later life.
“As life expectancy continues to rise and with our working lives now extending into later life, it is easier than ever to put off practical decisions.”
Mr Antoniou pointed out that a quarter of over 65s are still yet to make a will, which he suggested is a symptom of a population working later in life.
“It is concerning to think that whilst we work so hard to support our loved one’s in life, a lack of planning for the future may mean all we have worked for may not eventually go to those it’s intended for,” he said.
The study also found that women are most likely to put off retirement, with one in 10 never intending to stop working, against just one in 15 men.
Londoners are the most likely to want to keep working, the survey found, with 14 per cent having no intention to retire.
In contrast, the Welsh are least likely to have no plans to ever retire, and expect to finish work five years earlier - at 61 - than those in the East.
The research was conducted by the Institute of Commercial Management in October 2015 and surveyed 2,000 UK adults.
katherine.denham@ft.com
