Reluctant retirees fear boredom and isolation

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 report from Birmingham Midshires’ Life 2 campaign.

The report has found that 40 per cent of workers aged over 55 will continue employment for social interaction whilst 38 per cent are working to pay off debts including mortgages. Twenty-three per cent of over 55s say they will 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 per cent 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 per cent will work as they claim they don’t know what else to do with their time. According to the research a significant number of over 55s (22%) are planning to undertake volunteer work for a good cause or a charity.

As part of its Life 2 campaign, which probes the long-held stereotypes of the over 55s, Birmingham Midshires asked 2,214 people across the UK at what age they plan to retire and for those working past retirement age, the main reasons for doing so.

Jason Robinson, director of savings operations for Birmingham Midshires commented on the findings: “For many people work is an important social lifeline and consequently we are seeing a significant number of older people planning to work beyond state pension age - either in a paid capacity or in the voluntary sector. As a generation of savers, the over 55s are more likely to have this luxury of choice.”

Although 38 per cent of the over 55s continue to work in order to repay debts and support their dependents, the report has identified the following four groups of workers amongst the over 55s:

Silver socialites – this group enjoys the social aspect of work and the interaction with others and work is all about contact, making and maintaining friends and sharing gossip.

Veteran Volunteers – this benevolent group uses retirement as an opportunity to give to their favourite charity or good cause.

Senior splurgers – whilst comfortable in their ability to afford the basics, this group works so that they can indulge in life’s little luxuries.

Knowledge seekers – with a thirst for knowledge and a fear of boredom, this group views work as a constant source of learning as well as to educate and stimulate.

Other key findings:

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 per cent cited this reason for working beyond their retirement.

Eighty-five per cent of Scots aged 55 plus work for the social benefits, compared with 62 per cent of Northerners, 61 per cent of Midlanders, 53 per cent of Londoners and 43 per cent of Southerners.