British Public Embrace Retirement Revolution

Professor Wendy Loretto worked with Scottish Widows on a survey which shows that nearly one in three working British people plan to reinvent or change their career in retirement.

Almost half (49%) of the nation’s retirees are sparking a retirement revolution by transforming the end of their working lives, with almost one in 10 (8%) choosing to change careers and one in 20 starting their own business.

The Scottish Widows study has revealed a shift towards active retirement with most retirees motivated to make changes to keep active (43%) or follow their passion (20%). While one in ten say they need to maintain a flow of income, more retirees (11%) say they don’t want to stop working.

Commenting on the research Professor Loretto said: “As our society adapts to an ageing population, the way we perceive and plan for retirement has had to evolve. The reality is that we are not all able to stop working at 65, and this is likely to become even later in the future. With this in mind, people are adopting a new attitude towards this life stage and are starting to view working later in life as a positive opportunity rather than a burden. The Oxford Dictionary defines retirement as ‘the action of leaving one’s job and ceasing to work’ but these changes are so stark that this definition may have to be rewritten.”

Retirement Revolution – Scottish Widows Press Release 10 Dec 2013 (PDF)