Debt fears lead Brits to postpone retirement
Debt fears lead Brits to postpone retirement
Thursday 17th July 2008
In a study of people approaching retirement conducted by Zurich Insurance it was revealed that 64 per cent are considering carrying on working past the official retirement age.
Furthermore, 31 per cent of these said they were planning to do so for financial reasons, such as paying off existing credit card debt.
Commenting on the data at Zurich's conference, Michael Portillo said: "The combined impact of the rising cost of living, rising inflation, fears of recession and the constant media coverage of the credit crisis, has created insecurity for a huge number of people approaching retirement concerned about their financial future.
"Given that so many people are aware that they will face financial difficulties in retirement, more and more people are staying on at work, or returning to work to help ease the financial pressures they face ahead."
The findings come amid soaring food and energy bills, which are hitting pensioners hardest because they are on a fixed income.
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