Brits may be forced to work on

Elderly Worker

The Organisation for Economic Co-operation and Development has claimed that Brits may have to work beyond the current retirement age if the UK pension system is to be sustained.

A new report published by the OECD has highlighted concerns the organisation has with the current UK pension system. The OECD feels that more elderly workers will have to be employed if pension costs are to go down, and that an ageist outlook by employers will have to be cast aside.

The report states: “The potential workforce is significantly older than it was 30 years ago. And it will get older still in the coming decades. Employers, competing for an ever diminishing pool of young workers, will simply have to adjust to a greying workforce. There is, however, an important role for public policy. Ageism remains, despite legislative efforts to combat this form of discrimination. Older workers need help to preserve and augment their human capital to make them more employable.”

Not only are pension costs an issue, but there are also concerns that poor financial planning is taking elderly people into poverty in their later years.

Recent figures suggest that many people remain in the dark when it comes to retirement planning . This lack of financial planning is one of the main reasons some elderly Brits enter their later years without the funds necessary to enjoy a comfortable retirement. Speak to an independent financial planner today to learn more about planning for your future.