icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
2 May, 2023 07:06

More British elderly can’t afford to retire – research

The cost-of-living crisis is forcing people to work beyond the age of 70, new data suggests
More British elderly can’t afford to retire – research

An increasing number of older people in the UK are being forced to postpone retirement and continue working as a result of the cost-of-living crisis, new research has suggested.

The number of individuals aged over 70 who are still working jumped by 61% last year compared to a decade ago, according to Rest Less, an online community that offers advice to older workers.

The data released ahead of International Workers’ Day suggests that more than 446,600 people over 70 had yet to retire last year, which compares to 277,926 in 2012.

“We see many older workers today who are struggling to make ends meet amidst the cost-of-living crisis, with inadequate retirement savings meaning they must work in order to survive financially,” said Stuart Lewis, the chief executive of Rest Less.

The cost of living has risen sharply in the UK over the past two years. The annual rate of inflation peaked at 11.1% last October, a 41-year high, before easing in subsequent months. In March it was 10.1%, the seventh successive month of double-digit inflation, according to official data.

The current retirement age for men and women in the UK is 66 but it will gradually increase to 68 by 2046.

Norway and Iceland currently have the highest retirement age in the EU at 67. Greece, Italy, Luxembourg and Slovenia have the lowest retirement age in the bloc at 62.

For more stories on economy & finance visit RT's business section