The number of people over the age of 50 in work is set to reach a record high by 2030, a new report predicts.
Research suggests that almost half of those in the older age group will be in work within the next decade, compared with fewer than a third in 1992.
The figure has increased by 36% in the last 20 years, driven by a big rise in the number of people in their 60s working and living longer, according to a study by Legal & General Retail Retirement (LGRR) and the Centre for Economics and Business Research (Cebr).
Around one in 12 over 66-year-olds is in work, putting in an average of 26 hours a week, said the report.
LGRR chief executive Andrew Kail said the research reveals a “significant cultural shift” in the world of work.
“People are continuing to work for longer in order to reach their desired retirement lifestyle, but also in response to changes in wealth, state pension provision and to reflect the fact that we are living longer as a society.
“This creates a much more challenging hurdle for people to overcome in order to fully retire.
“Gone are the days of ‘carriage-clock retirement’ and we need to make sure people understand the implications so that they can better plan for their future and the extent to which work will play a role in it.”
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