Zurich: Lack of planning forces Britons to work in retirement

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Zurich: Lack of planning forces Britons to work in retirement

Wed 16th Jul 2008

Britons are having to delay retiring or return to work due to failure to plan for it, new research from Zurich shows.

A survey by the life insurer found that 64 per cent of Britons of retirement age are considering working after retirement, while 31 per cent expect to return to work for financial reasons.

Over a third (34 per cent) are considering returning to work in order to stay active in retirement.

Speaking at a recent Zurich credit crunch conference, Michael Portillo blamed rising costs of living, inflation, recession fears and media coverage of the credit crunch for making people of retirement age worry about their future.

Data just released by the Alliance Trust found that pensioners are the worst hit by rising food prices and inflation.

According to its figures, those over 75 saw their inflation go from 4.8 per cent to 5.4 per cent in June.

It said that food prices, which account for 16 per cent of the over 75s' household budget, have risen by almost 11 per cent in the past year.

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