INTRODUCTION

The impact on household finances is growing as the cost of living continues to rise, with inflation reaching a 40-year high. According to new research[1,] more people in the UK aged 65 to 74 are still working than six years ago. According to the findings, there is a significant increase in the number of people over 65 who remain in the workforce compared to 2016, and a decrease in the number of people receiving their State Pension.

In an era of rising living costs, the data shows that fewer people of all ages eligible to retire have done so in the last six years. The greatest shift has occurred among those aged 65 to 74. Whereas 92% of this age group retired in 2016, only 79% do now.

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Source data: [1] Aviva Real Retirement Report conducted by ICM Unlimited April 2016. 1,506 general consumers aged 45+ Research conducted by Censuswide April 2022.