A survey released today of public sector workers throughout Britain has found that many employees approaching retirement are considering the prospect of returning to work as a result of the financial worries they face.
The research piece, commissioned by Teachers Assurance and carried out by research specialist Opinion Matters, found that 41% of public sector workers were feeling daunted about taking their retirement, and that financial concerns were the most common burden (24%). As a result of these worries a total of 26% of public sector workers felt they would not have enough money for retirement.
The Teachers Assurance research also found that in order to overcome these concerns, nearly one third (32%) of respondents had considered returning to work after taking their retirement. Most likely to return to work were teachers, a profession where 50% of respondents stated they’d consider a part time role as a means of sustaining their retirement income.
Other means by which public sector workers planned to tackle their financial worries for retirement included changing their expectations (20%), living frugally (19%) and even earning more money form a chosen hobby (7%).
Abby Bowman, Head of Brand at Teachers Assurance commented: “All of the 508 respondents we spoke to were either retired or within five years of retiring, and so it is worrying to see that so many were worried about the financial aspects of retirement, and concerned that they would not receive a sufficient retirement income. 39% of the public sector workers who were worried about not having enough money for retirement stated they would either live frugally or have to change their expectations as a result of their lack of preparation. This demonstrates that through failing to prepare for retirement early, workers are running the risk of having to compromise the lifestyle they want.”
In addition to sharing their preparation and knowledge levels about retirement benefits, those who participated in the Teachers Assurance research also shared their negative predictions for those working in the public sector industries in future. A staggering 81% of respondents stated they felt future generations would be financially worse off in retirement, and 74% believed that government and employer pension contributions would reduce within ten years.
To download the full report please click here
To download the report infographic please click here
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