Wealthy workers want to stay in jobs rather than retire

50% of the UK’s wealthiest workers would prefer to stay in their jobs than take retirement, according to research from Barclays.

According to the 12th volume of the Barclays Wealth report, “The Age Illusion”, 60% of those workers with more than £1 million in investable assets said they would like to work for as long as physically possible. Just 1% said they expected support from their children in their old age.  

This coincides with the Government’s plans to remove the default retirement age of 65 next year, the research indicates that staffing at the senior level may increase encouraging many more older workers in the near future.

According to responses from those surveyed who had already retired, the default retirement age is an important decision factor to retire; 14% of all respondents to the international survey agreed with this. This is nearly half the number who said they simply have no interest in working (30%)

The report also shows 50% of wealthy workers aged 65+ envisioned being involved in some kind of commercial/professional work regardless of their age, 70% of those under 45 agreed.

Speaking to Personnel Today about the reports findings, Sarah Harper of the Oxford Institute of Ageing said: "over the last decade or so, everybody has started to wake up to the fact they're not going to retire as our parents or grandparents did and then have 30 years fully paid leisure with a high standard of living."

David Lain, research officer of the Brighton business school noted however that the flexibility offered to wealthy workers is unlikely to be found among the average member of the labour market.
"It is much harder for the poorest to compete in the labour market," he said. "They lack the levels of education and health of the richest and have often had more precarious employment in the past."