Aviva: Half of all UK workers over 60 years-old have no wish to retire
Over half (53 per cent) of employees aged 60 and over are not ready to retire, increasing to 61 per cent for people still working past the age of 65, new research has revealed.
The study of employees and employers by insurance and life giant Aviva highlights that working for enjoyment and the benefit of social interaction appears to increase with age.
Those who are still working in their 60s are more likely than those in their 40s and 50s to be motivated to do so because they enjoy their job, or for the social benefits of interacting with colleagues and others in the workplace.
Workers in mid-life have typically amassed significant skills, experience and knowledge, creating ‘muscle memory’ that can be invaluable to their employer. However, the research – which examined employee and employer attitudes towards ageing in the workplace – highlights a potential ‘brain drain’ unless businesses do more to support this growing demographic.
While the majority (73 per cent) of workers in their 50s and 60s feel they share invaluable skills, experience and knowledge with colleagues, Aviva’s findings reveal that 16 per cent of mid-life employees feel this is not valued by their employer.
Many employers share employees’ concerns about age discrimination.
Almost a fifth (19 per cent) of employers said it was a main concern of theirs while 20 per cent said they were concerned about how they will respond to the challenge of an ageing workforce.
Aviva’s findings highlight the need for companies to put the right support in place to ensure employees in mid-life feel valued at work.
There are currently a record 10 million workers over the age of 50 and in the next decade, this population is forecast to grow to represent more than a third of all workers in the UK.
Without the right support in place, companies are potentially missing out on the talent of this important age group; nearly nine in 10 people are in work at the age of 50, yet this falls to less than one in two for employees in their mid-60s.
Lindsey Rix, Managing Director of Savings and Retirement, Aviva, said: “Age should not be a barrier to opportunity – but our findings suggest employees are worried about age discrimination. We want to challenge this concern.
“Evolving social and workplace trends mean we must all be prepared for a more fluid working life. The mid-life population offers invaluable skills and experience that companies are potentially missing out on. Companies need to take action – not doing so risks a punishing labour shortage in the years to come and a huge waste of talent and potential.”