Magazine article Management Services

Survey Shows Early Retirement Is Still the Ideal

Magazine article Management Services

Survey Shows Early Retirement Is Still the Ideal

Article excerpt

The CIPD's first ever survey exploring people's attitudes towards age, pensions and retirement shows that two thirds of those surveyed do not believe in a set retirement age. However, the majority still think that retirement is something to look forward to (79%) - with most people seeing early retirement as the ideal. Of the 25-50 year olds surveyed, 78% said they would like to retire before they are 60. However, this desire diminishes when the worker is over 50, with 31% wanting to work beyond 60 and a small minority (8%) not wanting to formally retire.

While respondents are looking forward to an early retirement, many are still confused about their pensions. Only one in four of the respondents have calculated what they would need to retire comfortably, and this was mainly those over 50 and working. Only 13% of under 25s and 18% of 25-50 year olds know how much they need to retire comfortably.

Awareness of importance of pensions seems high with as many as 64% saying that pensions are as important as base salary. However, the reality is that workers are more likely to choose flexible working than pensions when considering jobs and adopt a more short-term view. Public sector workers are much more likely to be in their employer's pension scheme (66%) than those in the service sector (38%).

Forty per cent of the sample feel they have been discriminated against at work rising to 56% of the under 25s interviewed. Age was cited as the main reason for discrimination in a third of all cases.

CIPD Adviser on Reward and Employment Conditions, Charles Cotton, says: "The findings reveal a disappointing level of ignorance around pensions. …

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