Money News
More than a third of the over 55 UK workforce expect to work past the age of 65. But companionship and intellectual stimulation are just as important as financial incentives, according to a new report from Birmingham Midshires' Life 2 campaign.
The report has found that 40% of workers aged over 55 will continue employment for social interaction whilst 38% are working to pay off debts, including mortgages.
Twenty-three per cent of over 55s say they'll need to continue working to support their family whilst a similar proportion will remain at work because they fear becoming bored (22%).
The number of over 55s expecting to work past the age of 65 rises to 45% amongst Londoners, with a slightly higher proportion of people than the national average working to pay off debts (42%). Forty per cent of the over 55 London workforce will continue working past 65 for social interaction and 28% will work as they claim they don't know what else to do with their time.
Thirty-five per cent of workers aged over 55 are planning to work past the state pension age of 65 while a significant proportion of this group anticipate working after the age of 75 (16%).
The over 55s in the North are most likely to be putting off retirement due to fears of boredom - 31% cited this reason for working beyond their retirement.
Meanwhile, 85% of Scots aged 55 plus work for the social benefits, compared with 62% of Northerners, 61% of Midlanders, 53% of Londoners and 43% of Southerners.
07 June 2007 © Moneyextra.com
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