Survey: 1 in 4 people believe they will be working at 70

News


02 Jul, 2018

Survey: 1 in 4 people believe they will be working at 70

More than a quarter of people believe that they will still be working in some way at the age of 70, according to life insurance firm Aegon.

The company asked a sample of 700 individuals aged 18 to 64 to explain how they believe factors such as work, health and caring responsibilities could potentially impact their financial situation when they hit 70 years old.

The poll revealed that 26.9 per cent of respondents believe that they will be working either full or part time at age 70, with women (24.5 per cent) slightly less likely than men (27.5 per cent) to push back retirement.

Aegon also found that 45.8 per cent of people believe they will still be fit and healthy enough to work if they choose to at 70. Furthermore 65.7 per cent believe they will be physically active at age 70, while 62.6 per cent believe they will be mentally agile at age 70.

Nearly three quarters of those questioned are confident that they will be financially secure at 70.

Aegon’s pensions director, Steven Cameron, noted: “ONS statistics show life expectancy at 70 is almost 15 years for men and almost 17 for women, meaning people are living well beyond their 70th birthday. Our research shows they are also expecting very different lifestyles in later life.

“It’s clear that people no longer expect to retire at as early an age as their parents, and the state pension age is not the defining retirement moment at which they stop work. For some, working beyond the past traditional retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs.”