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Bank charges: More and more Brits having to 'work past retirement'

British workers approaching retirement are having the daunting prospect of staying in employment beyond the traditional end to working life, according to new research.

Insurer Aviva found that a quarter of individuals aged 65 to 74 are still earning a wage, while at the same time over 55s are having to cut back on spending to prioritise their household budgets, as well as expenditures such as bank charges, over non-essential items.

As Brits get older, they increasingly have to turn to savings to maintain the same standard of living, with the percentage of people with savings of less than £2,000 growing from 23 per cent in the third quarter of 2012 to 30 per cent in the fourth.

"Whether it's through choice or necessity, the fact that people are working for longer shows how vital it is to work hard to achieve financial stability, so you can enjoy your retirement without the constant worry about making ends meet," said Clive Bolton, managing director of Aviva's At Retirement business.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801505261-ADNFCR



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