Older workers are postponing retirement plans in order to support either their own children or parents, a new report shows, but a lack of savings is still delaying leaving the job market.
A study from Aviva indicates that for nearly a third of over-50s workers say they are only still working to support the financial needs of their children. A further one in 10 are only working to support parents or partners’ parents.
62 per cent of those who have an expected retirement age say they have increase this from what it would have been a decade ago.
Aviva savings and retirement managing director Lindsey Rix says: “With children flying the nest later and later, many over-50s are shouldering the responsibility of putting their families’ financial needs ahead of their own for a prolonged period of time. As a result, many are facing a dilemma over delaying their retirement, while others are struggling to maintain their retirement savings habits.
“Workers of this age are in a key stage of retirement planning and would benefit from saving as much as possible to ensure a comfortable retirement, but are facing unprecedented hurdles to do so. Employers and government, as well as individuals, have important roles in helping to make saving a reality.”
The Aviva report looked at data from 3,327 UK adults. 1,829 of these are still working.