Older workers willing to retrain

Almost two-thirds of workers over 50 say they want further training so they can continue working into retirement, according to research by MetLife.

The survey of more than 2,500 employees found that a lack of retirement savings is a major driver of people working longer.

The study reveals:

• 63% of over-50s are considering working into retirement
• 50% are looking to learn new skills in order to continue working
• 13% want to retrain so they could start their own business

This is the latest survey to identify a change in working patterns among older people. It found that 71% of people will consider working beyond the statutory retirement age while just 31% say they will stop working entirely.

Dominic Grinstead, managing director of MetLife UK, said:

"It is striking that many over-50s are considering retraining to become more flexible at work just as pensions are being changed to be more flexible.

"The numbers contemplating working in retirement — whether it's full-time or part-time — shows that as the retirement landscape changes and people prefer to phase retirement, flexible income solutions will be needed to enable people to make the best possible use of pension freedoms."

Source: Richardsons, Thame