Older workers are delaying retirement due to coronavirus
03 December 2020
Recent research carried out by YouGov found that 13% of workers aged over 55, who are expecting to retire in the future are having to delay their retirement due to the coronavirus crisis.
Additionally, the poll, which involved 2,114 UK adults highlighted the fact that 52% of all UK adults are anxious about being able to afford their current lifestyles.
51% of those aged 55 have revealed that they believe that the event of retirement takes place over a number of stages. A quarter are planning to, or already have, accessed their retirement savings when they were between 50 and 59 years of age, but two-thirds are intending to first access, or had accessed, their savings when they were in their sixties.
Worryingly, 20% of the respondents confirmed that they do not understand the options available to them in relation to finance in retirement, and when asked if they would like to receive some support to manage finances, 37% confirmed that they want some support, whilst 30% wanted some assistance but to remain mainly involved. 7% actually stated that they would like someone else to deal with their retirement finances entirely.
In terms of what participants were looking for in a pension provider, 27% of those aged over 55 want the option to be able to change their income if their financial needs change, and 29% want the ability to withdraw lump sums on an ad-hoc basis.
The information in this article is accurate at the time of publication. For all the latest information, news and resources on how the COVID-19 pandemic is affecting payroll professions, visit our Coronavirus hub.