News

Almost Half of Scottish Over 40s Unable to Afford Retirement

27-10-2017

Research by YouGov commissioned by Age Scotland and Business in Community has found that 43% of Scots age 40-64 will not have enough money to retire by state pension age.  
44% of those survey said they would work until their late 60s to afford their retirement. 36% of those planned to continue in their current job at full time hours, while 25% wish to move to part time in later years. 24% of those looking to reduce their hours wished to do so because their job would be too physically demanding while 18% said their health wouldn't be good enough.


However, 22% of those surveyed said that they would miss the social side of work so would continue for this reason. 


Chief executive Brian Sloan said: "It's worrying that retirement seems increasingly unaffordable for a growing number of Scots.
"While there are various reasons people choose to keep working, money concerns are the main factor forcing them to work into their late 60s and beyond. At the same time, many feel they will need to reduce their hours or switch to a less physically demanding job.
"Of course many people choose to stay on at work because they enjoy the social side or want to share their skills. Yet instead of an ageing workforce being seen as a valuable asset, too many older workers continue to face negative perceptions or age discrimination.
"There is a growing need for more guidance to help people plan their future working life and prepare ahead for retirement. We're pleased that most Scots support our plan for a 'career MOT at 50' to enable them to make informed choices about training, pension provision and future career options.
"As the state pension age increases, working longer is set to become part of life. We're urging the Scottish Government to continue to invest in our older workers, tackle barriers to working, and offer mid-career guidance to everyone who requires it.'
Source: Age Scotland/ YouGov

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