On Air Now
Heart Breakfast with Jamie Theakston and Amanda Holden 6:30am - 10am
27 October 2017, 05:25
Almost half of Scots aged 40-64 will not have enough money to retire when they reach state pension age, a survey suggests.
YouGov research commissioned by Age Scotland and Business in the Community (BITC) found 43% said they would not be able to afford to retire at that point.
A total of 44% said they were planning to work into their late 60s and beyond so they could afford their chosen lifestyle in retirement.
More than a third (36%) planned to continue working in their current job with the same hours, while 25% wanted to reduce their hours.
Not having enough money was the most common reason to continue working, while 22% cited enjoying the social side of working and 19% worried they would get bored or lonely at home.
Of those who expect to stop working or reduce their hours before their late 60s, almost one in four (24%) said their job would be too physically demanding to continue, while 18% expected their health would not be good enough.
Almost one in four adults aged 40 to 64 have felt disadvantaged or treated negatively when at work or applying for jobs past the age of 40.
Age Scotland is calling for a "career MOT" to be offered to everyone at age 50 to help people adjust future plans and pension savings.
Chief executive Brian Sloan said: "It's worrying that retirement seems increasingly unaffordable for a growing number of Scots.
"While there are various reasons people choose to keep working, money concerns are the main factor forcing them to work into their late 60s and beyond. At the same time, many feel they will need to reduce their hours or switch to a less physically demanding job.
"Of course many people choose to stay on at work because they enjoy the social side or want to share their skills. Yet instead of an ageing workforce being seen as a valuable asset, too many older workers continue to face negative perceptions or age discrimination.
"There is a growing need for more guidance to help people plan their future working life and prepare ahead for retirement. We're pleased that most Scots support our plan for a 'career MOT at 50' to enable them to make informed choices about training, pension provision and future career options.
"As the state pension age increases, working longer is set to become part of life. We're urging the Scottish Government to continue to invest in our older workers, tackle barriers to working, and offer mid-career guidance to everyone who requires it."
YouGov surveyed 1,023 adults, of whom 442 were aged 40 to 64, online between September 21 and 25.
Scottish Labour's Westminster work and pensions spokesman Hugh Gaffney MP said: "This survey is very concerning but unfortunately not surprising.
"People should be able to continue in work past retirement age if they wish to do so, but no one should feel forced to due to lack of financial resources, particularly those with health difficulties.
"We must also ensure that older workers looking to change jobs or continue working are not discriminated against.
"It is of vital importance that workers get the advice and guidance they need to plan for retirement, especially in light of the radical changes to pensions introduced in the 2014 Budget."