Britain’s changing social fabric means a fifth of workers expect they will still financially support a family when they are 70 years old.
A life and pensions provider asked 700 workers aged between 18 and 64-year olds about their work, health and caring responsibilities when they reached the age of 70.
Besides one in five expecting to carry the financial burden of a family and another 22% were unsure whether they might still have family responsibilities as well.
Overall, the results of the study highlighted how today’s workers view their life at 70:
- 27% felt they would still have a job, even if it was part-time – but had no financial fall-back plan if they were unable to continue working
- 46% thought they would be healthy enough to work
- 50% said they would be fit enough to enjoy retirement
- 66% felt they would be physically active
- 63% looked forward to being mentally agile
- 74% considered they would be financially stable
Risky to plan to work without a back-up plan
Data from the Office of National Statistics says the average man aged 70 can look forward to an extra 15 years of life, while a woman can expect to live a further 17 years.
Pensions director Steven Cameron at Aegon, the firm carrying out the study, said: ““Being prepared for later life isn’t just about the amount you have in your pension, although a healthy pension pot certainly helps.
“There are other influences to consider when it comes to financial well-being. You can’t predict what life will have in store at age 70, but considering your future in terms of work, health and caring responsibilities will help build a realistic picture of what you should prepare for financially.
“People no longer expect to retire at as early an age as their parents, and the state pension age is not the defining ‘retirement moment’ at which they stop work.
“It is, however, risky to plan on working indefinitely with no fall-back plan. It is difficult to predict your future health – particularly into yours 70s – meaning it is always best to start making some financial provision for life after work as early as possible.”
