Latest Barclays Wealth Insight report shows that:
• 60% of high net worth individuals in the UK want to keep on working and will never retire
• UK is the most likely of developed economies to continue working
• Nevertirement set to grow in popularity as younger respondents say they will always be involved in work
• Important financial decisions could remain unresolved as work takes precedence
‘The concept of retirement is being rejected by a new breed of wealthy workers who want to carry on working for as long as they are able, says Barclays Wealth in its latest Insights report, The Age Illusion: How the Wealthy are Redefining Their Retirement.
60% of UK wealthy individuals polled in the survey say that they plan to become a Nevertiree, shunning traditional retirement and instead continuing to work, start businesses and take on new projects in their later years.
The report is based on a global survey of 2,000 high net worth individuals, who were asked to consider what retirement and later life means to them. The findings show that the concept of Nevertirement is expected to become more popular over the coming years, with 70% of respondents under the age of 45 saying that they will always be involved in some form of work. Whilst a desire to remain in work might be expected to chime with business owners and entrepreneurs, the findings apply to all wealthy respondents, with 57% of those who inherited their wealth saying they too will continue working in later life.
Although the emerging markets show the biggest desire to keep on working in later life, the UK leads the way amongst the developed economies. In the USA, 54% of respondents expressed a desire to carry on working, with Switzerland (34%), Spain (44%) and Japan (46%) more likely to opt for a conventional retirement.
Professor Sarah Harper confirms: "People want to contribute, they want to be doing something. Work gives people status, and at an age when you’re incredibly experienced you may want to start a second career or even do something completely different from your previous professional life.”
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