By Marketing VF Ltd Published:
Wednesday, Oct. 24, 2012
Market research company
SurveyCompare has released a new infographic
showing nearly half of UK citizens asked do not expect to retire when they
reach retirement age.
The infographic cross-sections its
data to show how men and women have different expectations, how different kinds
of employment produce different retirement plans, and how plans change with
age.
Agnese Geka of SurveyCompare says,
"We did this research because we could not find anything like it out
there. We wanted to make clear to people that across the UK men and women are
feeling the pinch financially regardless of their background, and are uncertain
about their working future and maybe they should start thinking about
additional income sources sooner."
The infographic shows the UK
government's plans to raise the retirement age from 65-68 for men and from 60-65
for women, even though in the UK the 'health' expectancies for men and women
are 63 and 65 respectively. Men degrade more rapidly than women but will be
expected to work for longer under these plans. Protest groups have been set up
to lobby the government on this, such as 68istoolate.org.uk.
Responses to SurveyCompare's
question 'Will you continue working past the age of retirement?'
demonstrated the rise in recent years of people working from home, and those
becoming self-employed.
The research shows 20% of men and
around 16% of women expect to either work part-time or turn self-employed when
they reach retirement age. More men than women expect to be able to retire -
24% vs 19% - and seeing as 42% of those not retiring are compelled to continue
working by financial insecurity the difference of 5% is possibly a question of
unequal pay.
The future certainly looks less
certain for women, with 41.6% unsure about their prospects compared to 32.4% of
men. Only 11.6% are confident of staying on with their employer as an older
worker compared to 16% of men. It's a cold world out there.
Although it's no surprise around
50% of under 25s don't know much about their retirement plans that uncertainty
remains at around 40% until you come to the 55+ age bracket. Geka says,
"We all know Parkinson's Law, which says work takes as long to do as you
have to do it. Our research has shown this is the same with retirement plans.
For whatever reason, whether it's because they can't afford to or because they
aren't inclined to, people don't think ahead to retirement."
A constant of around 10% throughout
all the age groups expect to continue working for the same employer when they
reach retirement age. The same is true of those planning to take on part-time
work, suggesting work ethic does not
change dramatically as people get older. Those working two or more jobs can't
imagine retiring ever, and those in long term unemployment find it harder to imagine
themselves working as a senior citizen than being retired.
Retirement plans come down to
either habit or necessity. Those with pHds don't imagine themselves retiring,
in fact 56% will continue writing academic papers well into their senior years,
usually as a lifestyle choice.
On the surface those in work are
the people most able to afford retirement, but even then it doesn't look like
they are earning enough currently to consider retiring. Government figures
shows in 2012 employment is up but the number of hours being worked is down,
meaning the increase of part-time workers and working from home increases.
According to the SurveyComare
research, 37% of those polled work full-time and 21% part-time. But of each
group only 10% would definitely retire and around 35% didn't yet know, again
with financial reasons being cited. The research suggests perceived wealth is
relative: everyone feels they could do with supplementing their income.
So why don't people expect to
retire? That is the question SurveyCompare is asking. The stand-out reason is
financial, and this is driving more into working from home to maximise and
monetise their time. But there are a combined 20% who either don't like the
idea of stagnating or who wish to continue using their personal experience and
skills. These make up part of SurveyCompare's demographic, people looking to
earn some money at their convenience while engaging with something relevant to
their interests.
SurveyCompare.net offers people the
chance to earn money with paid surveys on their chosen subject. The
SurveyCompare service is free and is using by tens of thousands of people
around the world. As survey panellists these people play a key role in market
research and their opinions influences companies to develop new products and
services.
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