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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.

Bachelors `forced to spend more` 17/11/2008 - People who live by themselves find it more difficult to Bankruptcy `increases by 7%` 17/11/2008 - The number of consumers in England and Wales facing bankruptcy Finances `causing women sleepless nights` 14/11/2008 - Financial concerns, potentially including debt problems, are causing women sleepless Christmas spending slowdown expected 13/11/2008 - Christmas spending is expected to stagnate this year, as consumers