Decision-makers from just under three-quarters of UK small and medium-sized enterprises (SMEs) are planning to work past the current state retirement age, with more than a third intent on working well into their seventies.
These are just two of the findings from the latest ‘Future Attitudes’ report from Aldermore, the challenger bank. The report surveyed over 1,000 business people and found that almost two-thirds (63%) of respondents were keen to retire by the time they reach 65. Nearly half (47%) indicated that they would ideally like to give up work between the ages of 56 and 65.
However, only a third actually believe they will be able to reach these goals, with one in ten anticipating that they will never be able to retire. Over a third (35%) said they planned to work well into their seventies in order to fund their golden years, while a similar proportion did not think they will have enough money to live comfortably without working.
When asked about how they will finance their retirement, nearly half (46%) said they plan to use their personal or state pension, with about a fifth (21%) planning on dipping into other savings or investments. One in seven respondents (15%) said they plan to sell their business or property.
Aldermore also carried out research into the recruitment and retention issues currently facing the UK’s SME bosses.
A quarter (24%) said that outgoing staff leave the company to work for a larger organisation in the same sector. Providing a healthy work/life balance (28%), flexible working opportunities (26%) and relevant training (23%) are the most common ways that SMEs try and retain the best employees.