Pensions: two-thirds of UK workers expect to work past 65 because they can’t afford to retire

Over 70% of those surveyed fear they don’t have enough money to quit

The researchers also suggested way to make annuities more appealing (Getty)

Nearly two out of three British workers expect to be working beyond 65 mainly because they will not have enough money to retire, according to new research.

Some 66 per cent of employees expect to work beyond the age of retirement with 74 per cent of those surveyed fearing they don’t have enough money to quit, according to a study by employment benefits consultancy Portus.

Another 13 per cent believe they will keep working as they will have to carry on providing financial support for their children and 4 per cent say they will be helping grandchildren.

Just over one in four (26 per cent) of those who think they will work beyond 65 say they will do so because they enjoy working and are afraid of getting bored if they stop.

Recruitment consultants surveyed by Portus believe the rise of the older worker is unstoppable. Around 10 per cent of the UK workforce is aged 65 and over. One in five recruitment consultants think this number will double in the next five years.

“The demographics of the UK workforce are changing rapidly and this has huge implications for employers in terms of the range of employee benefits they offer.

“An older workforce will want greater access to advice or guidance on how to use their pension savings whilst still at work, and it can also have huge implications for the provision of medical and critical insurance cover,” Steve Watson, commercial director of Portus Consulting, said.