Contact Centre Agents Unlikely to Retire

66% of the British working population expects to work beyond 65, and just over one in ten anticipate they will either work beyond 76 or will never retire.

The main reason for this, cited by 74% of respondents to research from Portus, is not having enough money to live on. This is despite information from a Prudential Planning analysis showing record retirement incomes in 2015 averaging £17,000.

One possible explanation for the pessimism is an increase in retired people financially supporting family members. A recent study from Prudential Planning shows that 36% of people leaving work in 2015 will give money to family members, averaging around £3,000 per year.

Further findings related to the gender gap: women retiring in 2015 had an expected income of £14,300 compared with £19,100 for men, leaving them 25% worse off than their male counterparts. Women are also more than twice as likely to rely solely on the State Pension than men.

Of particular concern are the number of people with no plans for life after work. Around a third of people retiring in 2015 have never taken financial advice, although the new pension freedoms prompted 32% of retirees to speak to a professional. One in five couples over 40 have never discussed their retirement planning together, and just 9% of self-employed workers are paying into personal pensions.

Despite the retirement gloom, 26% of those who expect to work beyond 65 say they will do so because they enjoy working and think they would be bored if they stop.