A study by Aviva has found that more than half of over 50s feel unsupported at work and almost two thirds were planning to retire later than they thought they would a decade ago.
According to Aviva's research, 6.4 million workers aged 50+ are planning to retire later than they thought they would a decade ago.
This is because many of them are extending their working lives due to the rising cost of living (40%) and having insufficient pension savings (38%).
In the workplace, older workers want more support from their employer. Almost half (44%) of older workers feel that their employer could provide more support to help them achieve their career ambitions
Reasons given for extending working lives
By 2020, a third of the UK workforce will be aged 50+.
Talented and experienced older workers seek support
Aviva's study argues that older workers have much to offer employers.
Younger workers lack the confidence enjoyed by older workers. The study reveals that those aged 50+ are more confident about their ability to keep up at work (41%) and their relevant skillset (37%) than those aged 25-34 (36% and 33% respectively).
Yet the study also found that employers aren't doing enough to support their older staff.
The ability to work flexibly has only increased from 10% in 2012 to 14% in 2018. There has been no change in the proportions of employers offer literature on financial issues about retirement, free financial advice, recommended independent financial advisers or workshops on retirement finances.
For those older workers who can access this sort of support, three quarters (75%) agree that they found it useful, with over a fifth (21%) stating that workplace support played an important role in their later life planning.