IRELAND/UK - The financial crisis is causing workers to think about delaying retirement, with almost three-quarters of Irish employees claiming they cannot afford to retire, research from Peninsula Ireland has suggested. 

The survey of 306 employees and 133 Irish employers claimed 74% of workers believe they will have to work longer than they had expected, in order to financially support themselves in retirement.

Peninsula Ireland, an employment consultancy, claimed most people are not putting enough money into their pensions and suggested younger workers in particular are not preparing for the future. 

Alan Price, managing director of Peninsula Ireland, said: 'With a lack of pension and minimal savings, employees are finding themselves forced to postpone retirement."

This move towards working longer is supported by findings that showed 67% of employers have seen the number of job applications from mature candidates increase in the last six months.

In the UK, meanwhile, Aon Consulting has highlighted a similar trend, as 25% of 55-64 year olds and 14% of those aged over 66 said they believed the recession will delay their intended retirement date. 

Aon claimed many people have had to rethink their retirement plans following "heavy falls in defined contribution (DC) assets". Aon's monthly DC pension tracker suggests the combined value of UK DC pension savings has fallen by 12% since September 2007.

Findings from its latest Employee Omnibus Survey of 4,046 workers, suggested 40% of 55-64 year olds and 24% of those aged over 66 expect the recession toextend their working lives by an extra one to three years, while 27% of the lower age range believe they may have to work between three and six years longer, against another 24% of over 66-year olds.

In contrast, 54% of those aged 66 and over believed the recession would not affect their retirement plans, while the proportion of 55-64 year olds was only slightly lower at 51.6%.

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com

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