Older people are staying on in the workplace because of high living costs and real uncertainty about the future.
Early retirement has become an unlikely prospect for the overwhelming majority of older workers, according to a recent survey.
Just 3% of workers believed they will be able to retire at the age of 55. However, some 13% of those polled expect to retire at 60, while 16% expect to retire at 65 and 15% believe they will only be able to give up work aged 70.
A further 2% believe they will not be able to retire until after they are 75!
However, working beyond the traditional retirement age is having a positive effect in the British workplace according to a recent survey.
More than two thirds of all UK adults (68%) think that having a person in a team at work aged over 60 has, or would have, a positive impact.
The over 60s and above can be excellent mentors and role models to those in their 20s and 30s.
More than two thirds (71%) believe the introduction of gadgets such as smartphones and tablets has meant that those aged 60 and above are keeping up with their younger peers.
The survey highlights some surprising results regarding sickness records at work, with 45% of workers aged 55 and above having not taken sick leave over the past 12 months, compared to 36% of 18-24 year olds.
Nationwide was the first major UK organisation to change its employment policy to enable employees to work until the age of 75 and has since removed the retirement age completely.
16% of the Society’s employees are aged 50 or over, and 2% are aged 60 or above.
Alison Robb, group Director at Nationwide, said: “As far as Nationwide is concerned, employing older workers is a good business decision – they tend to be experienced, conscientious and hardworking. The decision should always be whether that person can do the job and has the right values.
“Having a diverse workforce which reflects our customer base makes sound commercial sense and helps Nationwide deliver high standards of service.”
