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Zurich: Retirees forced back to work

16/07/2008

New research has found British people of retirement age are delaying giving up work or having to return to the workplace due to insufficient preparation.

Insurer Zurich said almost a third (31 per cent) of people of retirement age expect to return to work due to financial difficulties. A total of 64 per cent of those questioned are considering continuing to work after they retire.

The findings may cause concern for those currently struggling with their finances or facing debt problems.

Michael Portillo, speaking at Zurich`s recent conference on the credit crunch, said:
"The combined impact of the rising cost of living, rising inflation, fears of recession and the constant media coverage of the credit crisis, has created insecurity for a huge number of people approaching retirement concerned about their financial future."

Zurich is anxious that British people seem reluctant to seek financial advice for retirement, with research finding nearly three-quarters of those questioned have never spoken to an expert about the issue.

The research also found 94 per cent of people aged between 25 and 34 have never chosen to seek financial advice.

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in