September 2 2010 - 10 per cent of the UK working population (the equivalent of 3.5 million) have no plans to retire and 42 per cent are unable to say at what
age they plan to stop working, according to research conducted online by ICM Research on behalf of Baring Asset Management.
This contrasts with pre-recession responses in 2008, when 100 per cent were confident they would be able to retire and take their pensions
only 1 per cent said they did not know at what age they would do so. The number of those with no plans to retire has increased to 15 per cent
of workers aged between 55 and 64 and 36 per cent of those aged 65 and over.
The study of 1478 working adults also found that almost 100 000 people do not plan to stop working until they are at least 76 years old
and 2.3 million expect to be working beyond 65 years (an increase from 1.9 million in 2009). Of those planning to retire after 65, 67 per cent
are men, 33 per cent are women. On a regional basis, 12 per cent of respondents in the north of England have no plans to stop working, compared
to 5 per cent of those in Scotland. Other regional variations include: 11 per cent of those in south east England, south west England and Wales;
and 8 per cent of those in the Midlands.
Marino Valensise, chief investment officer at Barings, said:
"Our research shows that, for a large number of people, the ability to retire is now uncertain. A combination of increased longevity, a rise in
the cost of living, and people not saving enough means that more people are being forced to work beyond the age of 65. They simply can't afford
to stop working.
"For those approaching retirement, it is a difficult backdrop, with economic uncertainty still rumbling across all markets. People have worked
hard for retirement and a few extra decisions, such as taking professional financial advice and ensuring their investment portfolios are correctly
positioned, could make all the difference."
