Nearly one third (32 per cent) of UK employees aged 55 and over would like to continue working beyond the official retirement age, according to new research from European HR firm SD Worx. Recent figures from Eurostat suggests many experienced employees are open to extending their working lives, with career quality likely to play an important role in their decisions. Additionally, 37 per cent of employees under 35 and 30 per cent of those aged 35-54 also say they would also like to work beyond retirement age.
The research comes as over half (54 per cent) of UK HR decision-makers surveyed say their organisation is facing a worker shortage. This highlights the importance of retaining experienced talent and creating workplaces which support employees at every stage of their careers.
What would make people want to retire earlier?
For UK employees aged 50+ looking to retire before the official retirement age, having more time for themselves and their families is the biggest motivation.
- 66 per cent want more personal or family time
- 46 per cent want to pursue other activities or life goals
- 46 per cent seek to prioritise health
- 33 per cent cite declining motivation at work
Other factors that play into people wanting to retire early include those with physically demanding jobs (16 per cent), jobs with limited career development opportunities (15 per cent) and having sufficient finances to retire early (19 per cent).
Despite some employees wanting to retire early, many older workers report positive experiences in their current roles. Among employees aged 55+, a staggering 81 per cent say their work has purpose, while 77 per cent feel they have the energy to do their job well. Both figures are respectively higher than younger employees under 35 or under, at 73 per cent and 71 per cent, respectively.
Younger employees report a slightly higher overall job satisfaction, with 77 per cent saying they are satisfied with their work, compared to 74 per cent of those aged 55+. Retaining talent means supporting career development The research highlights noticeable generational gaps in career ambitions and views on retention.
Younger employees are more likely to consider moving to another employer, with 44 per cent actively or passively looking for a new job, compared with 15 per cent of employees aged 55+. Similarly, 41 per cent of under-35s are looking for a different role within their current organisation, compared with 11 per cent of over-55s.
Interest in learning and development also varies by age. While 75.9 per cent of employees under 35 say they are eager to learn and grow at work, this falls to 44.4 per cent among those aged 55 and over. Half (50.7 per cent) of older employees say they do not currently need training or wider learning opportunities within their role.
As Artificial Intelligence continues to change the workplace, 67 per cent of UK employees aged 55+ say they feel secure in their jobs as automation changes roles and tasks. Meanwhile, 79 per cent believe their human capabilities cannot be replaced by AI.
However, just 11 per cent of over-55s regularly use AI tools at work, and only 10 per cent say their organisation helps them develop the skills needed for an AI-driven future. By comparison, 52 per cent of employees under 35 regularly use AI tools, while 48 per cent say their employer supports them in building AI-related skills. Similarly, 67 per cent of younger and 68 per cent of older workers feel secure in their jobs.
The research findings highlight an opportunity for employers to ensure employees of all ages can access the training and support needed to adapt to changing workplace demands.
Commenting on the research, Bruce Fecheyr-Lippens, CHRO at SD Worx commented: “People’s plans for later working life are shaped by more than age. These findings highlight the importance of creating work environments that are meaningful and sustainable, while giving employees of every generation the support and skills they need to thrive.”
