A growing number of older UK workers say they do not want to retire – and many simply cannot afford to, a new study has revealed to mark International Age Pioneers Week.
The research suggests Britain is on the cusp of a profound shift in what retirement means, as millions of workers in their 50s, 60s and 70s seek to extend their working lives, often out of financial necessity but increasingly for purpose and flexibility. The study, Purpose, Pay & Possibilities: Redefining Retirement, published by 55/Redefined and the FTSE 250 retirement specialist Just Group, surveyed 3,522 adults aged 50–70. It found that 62% now view retirement not as an exit from work, but as a gradual transition, with many hoping to keep working – paid or otherwise – as long as they can choose the type and rhythm of that work.
While policymakers and employers have long warned of an ageing workforce crisis, the findings suggest that the crisis may be partly self-inflicted: older workers want to stay, but feel pushed out, undervalued or financially insecure.
CHANGING ATTITUDES TO RETIREMENT
A third of respondents (32%) said they retired earlier than they wanted to – often due to workplace pressures, redundancy or health. Researchers say it points to a “seismic shift” in attitudes: instead of anticipating a long period of leisure, millions want to remain active and productive well into later life.
The report was launched to mark the start of International Age Pioneers Week (17–21 November 2025), a new global event celebrating the contribution of workers aged 50+ and encouraging employers to rethink outdated age norms.
FINANCIAL SECURITY & PURPOSE MATTERS
Although rising living costs and longer lifespans are driving people to stay in work, money is only one part of the story.
Key findings include:
- 46% feel confident they have enough savings for retirement – but only 11% feel very confident.
- 45% fear outliving their savings.
- Respondents believe they would need more than £400,000 in combined assets and savings to retire comfortably.
Yet purpose is increasingly trumping pay. Among those who do not expect to retire soon:
- 62% would accept a pay cut – averaging more than £6,500 – for better work-life balance.
- 87% say passions and personal growth matter more than money in determining whether retirement will be “happy”.
Despite this motivation, 57% of over-50s say they are still searching for purpose after decades in the workforce. A quarter of those who did find renewed purpose did so through a career change or upskilling, indicating significant potential for employers to offer new, flexible pathways.
AGEISM STILL RIFE
The report highlights stark barriers preventing older people from remaining in or returning to work.
- 30% say their soft skills and experience are undervalued.
- 35% blame this directly on ageism.
- Only 12% believe their soft skills are “very valued” by employers.
Participants cited unconscious bias, an overemphasis on formal qualifications, and an obsession with digital skills as key obstacles. At the same time, only a small share of older adults are given the chance to adapt: just 13% are currently upskilling or reskilling, and 6% are accessing coaching.
‘CLIFF-EDGE’ SKILLS GAP
Lyndsey Simpson, CEO of 55/Redefined, warned that the UK is heading for a workforce crisis largely of its own making. “With people living and working longer, organisations are facing a cliff-edge skills gap as their most experienced workers prepare to retire. But many don’t want to stop working – they just want to work differently,” she said.
“Professionals are willing to accept lower pay for flexibility and purpose, yet they’re being told they’re not valued. Employers are about to lose talent they don’t have time or money to lose. Retirement must be seen as a journey, not a full stop.”
Simpson pointed to IMF analysis showing that demographic pressures account for nearly three-quarters of projected global growth slowdown, arguing that policies keeping older workers in employment could offset much of this drag.
OLDER WORKERS ARE AN ASSET
Ellie Evans, Group Chief People Officer at Just Group, said employers must adapt fast.
“At Just Group, we see age as an asset. As people live and work longer, workplaces must evolve to attract and retain older workers and make the most of the skills and experience they offer.”
With the UN forecasting that one in five people globally will be over 60 by 2050, and UK data showing that nearly half of all workers will be over 50 by the end of this decade, the report argues that the future of work will depend on fully integrating – and valuing – older talent.
Click here for more information about International Age Pioneers Week.
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