Those million over 65 workers are surely set to grow in number

13th June 2013

With news yesterday that more than a million of the over 65s are continuing to work, Mindful Money expressed a hope that most were doing so out of choice not necessity. Today Prudential’s retirement expert Vince Smith Hughes says the firm’s Class of 2013* research suggests that may, just, be the case.

As Hughes points out “the Class of 2013 research shows that the number of people considering working in retirement has increased dramatically in the short term. Nearly three in five (57 per cent) of people planning to retire this year are considering working past state pension age, either in full or part-time work. This compares to 40 per cent in 2012.

“Prudential’s research shows that retirees aren’t just staying in work for financial reasons. Over half (55 per cent) of people planning to retire this year want to extend their careers to keep their mind and body healthy. This stands in contrast to the 40 per cent who are looking to boost their incomes.”

While we cannot directly draw the conclusion that those working in retirement are doing so for the same reasons in the same proportions – this survey covers those about to retire – it may be a bit of a guide.

It may be that a slim majority are doing so by choice or perhaps for both reasons – because a bit of extra money doesn’t hurt nor does keeping one foot in the working world either.

What is clear however, is that the number of set to grow to a lot more than a million. A lot of rules, regulations, policies and attitudes may need to change to catch up and it’s not clear that politicians have woken up to this yet.


13 thoughts on “Those million over 65 workers are surely set to grow in number”

  1. dutch says:

    ‘Let us hope that Novo bank thrives and does in time provide a mechanism for repaying the money borrowed on its behalf.’

    For some reason that comment made me laugh.

    1. Anonymous says:

      Hi Dutch

      I think that there are sorts of problems going forwards for Novo bank but I wish it well…

  2. Anonymous says:

    And so the BES shareholders lost everything. Investing in corrupt and devious banks is indeed risky.

    1. Anonymous says:

      Hi Barncactus

      For the institutional investor I think that caveat emptor clearly applies. I wonder what some of the individual shareholders were told and suspect that some may have in effect been miss-sold the shares.

      1. Anonymous says:

        Shares are comparatively simple, where you can lose everything you invested. CFDs are a greater risk and mis-selling is problematic in Australia and possibly elsewhere

  3. Paul C says:

    Shaun, there was some WAG on R4 this morning, a city type anaylst who was saying “don’t worry there’s some European-wide stress tests for Banks and that will draw a line under this kind of thing”. I thought, what a ridiculous continuing theatre they are making.
    ECB is now under pressure to print money and the Germans response is to tell employers to “print money” by raising wages 3% across the board. In terms of manipulation and repression you simply could not make it up.
    Paul C.

    1. Anonymous says:

      Hi Paul C

      It is a shame that no-one at R4 had the presence of mind and knowledge to enquire what she thought the ECB had been doing in the 3 years to May when it was supervising Portugal’s bailout programme? Or perhaps why a bank was collapsing in a recovery?

  4. Pavlaki says:

    Once again auditors appear to be unable to detect any problems until it crashes down around their ears – unless they were aware and sat on it for a while. It worries me that politicians in Spain, Portugal and Greece will hide bad news to further their re election prospects. Rajoy has just given himself a glowing report in which everything is getting better though dome Spanish economists disagree (which is not a healthy thing to do these says in Spain). We know the Greeks lied and hid the truth, can we trust the Spanish? I certainly have little faith in the ECB, TROIKA or anyone else carrying out an audit that would uncover the truth. The BES debacle does little to change my opinion!

    1. Anonymous says:

      Even if the ECB did the uncover the truth, it doesn’t have authority to prosecute …. and history suggests that the EC prefers to villify whistleblowers who might wreck their bosses sinecures …..

  5. Noo 2 Economics says:

    It’s high time that all concerned accepted we are in the grips of a global DEPRESSION bigger than the 30’s and that to stop prolonging the agony they need to let all bad businesses go to the wall without further help, then, in few more years we can begin to rebuild!

    1. Anonymous says:

      Hi Noo2

      I agree that the can-kicking strategy only works when the future expected to be better than now. Any continuation of a lost decade experience poses all sorts of problems for it. The actual events here just confirm that sooner or later Portugal will need its own default.

    2. Anonymous says:

      The theory of Schumpeter’s waves has the third wave (electricity, chemicals, internal combustion engine) frenzy ending in the 1929 Wall st crash. The fifth wave (digital networks, software) frenzy ended in 2001 with the dotcom crash.

      Greenspan lowered interest rates to reduce the immediate pain. This led to a housing bubble, and eventually a banking crisis. Brown’s response was again to lower rates and put off the day of reckoning.

      Schumpeter’s 4th wave frenzy ended in the late 1970’s/early 1980s recession (Springsteen’s closing factories) and an inflationary bout.

      With higher interest rates following the dotcom crash, the housing boom & 2008 banking crisis might never have occurred. To quote Shaun “when the kicked can arrives in the future you have the same problems and a worse starting point”.

      So I agree with your assessment. Our politicians need to bite the bullet and tackle our massive debt crisis. Question is do we get off lightly with an inflationary1980’s recovery, or do they keep their heads in the sand until we repeat the 1930s depression with currency crashes, hyperinflation and wars ?

  6. Anonymous says:

    Hi ExpatInBG

    It will be interesting to see how depositors at Novo bank respond. They have had a scare but are now in a bank which is much more secure than the one before. The losers here are the Portuguese taxpayers who will see the promises of no cost turn into a minor cost and then probably a large cost.

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