'Half of future OAPs may work'

12 April 2012

Half of UK adults intend to work through retirement if their pension pot falls short of delivering a comfortable lifestyle, it has been claimed.

Fifty-one per cent of people are prepared to extend employment into their old age in order to make ends meet, research from online stockbroker Selftrade found.

A survey of 2,000 adults found that a quarter of respondents said they would live off equity tied up in their house if their pension pot is insufficient.

A similar proportion said they were prepared to cut back on their social life to boost the cash they had in retirement.

Almost one in five were open to the idea of spending their children's inheritance to make ends meet in retirement, according to the research.

Younger adults are slightly less inclined towards working through retirement, with 49% of 18 to 29-year-olds prepared to slave away into their old age in order to supplement their pension.

That age group was also found to be less attracted by the concept of cutting back on their social life, with only 23% prepared to give up going out in their retirement if it meant they could live comfortably.

Neil Jamieson, retail marketing and business development director at Selftrade, said: "It is certainly apparent from our research that people are very aware of the fact that they may face a certain amount of financial difficulty in retirement.

"For many, the reality is that they may have to consider working through retirement just in order to survive financially."

He added: "Whilst much has already been done to raise awareness of the need to save for retirement, there is a further need to educate people to think about putting away some money now for the future."

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