[H3]Two in three want to work in retirement: study[/H3]
CTV
While most people want to keep working in some fashion after retiring, money is not necessarily the driving factor, a study covering Canada and 19 other countries and territories shows.
"I like getting out to meet people, and like keeping active," 74-year-old Frank Moulton, who works part time at Canadian Tire, told CTV News.
Of the more than 21,000 people polled, 66 per cent believed the ideal plan for retirement included flexible employment practices, 20 per cent said it meant never working for pay again, while 9 per cent said it meant working full time.
However, 25 per cent of respondents wanted to work beyond the traditional retirement age because they needed the money, according to a study released Wednesday by the London-based HSBC banking group.
In comparison, 22 per cent said they wanted to carry on so they had something meaningful to do with their time, 21 per cent wanted to remain physically active, 13 per cent wanted the mental stimulation, and another 13 per cent wanted to connect with others.
Meanwhile in Canada, 24 per cent of respondents indicated they wanted to work into retirement for the money, while 23 per cent wanted something meaningful to do, 21 per cent to keep physically active, 18 per cent for mental stimulation, 11 per cent to connect with others.
Barber Jim Shea, almost 75, said he wouldn't know what to do if he stopped cutting hair for his customers.
"It's the kind of thing that if I'd been off for some reason or another, I think I would have been a nervous wreck," he said.
Globally, 40 per cent of respondents saw retirement as a time for rest, 32 per cent of respondents saw it as an opportunity for a whole new chapter in life, 17 per cent as the continuation of what life was, 9 per cent saw it as the beginning of the end.
Canadians optimistic about retirement
In comparison, Canadians were more optimistic. Fifty-eight per cent of respondents polled perceived retirement as an opportunity for a whole new chapter in life, while 22 per cent saw it as a time of rest, 15 per cent as the continuation of what life was, and 4 per cent as the beginning of the end.
Canadians came second only to Americans in the number of people who saw retirement as a chance for a new chapter in life. Sixty-four per cent of respondents in the United States saw retirement in that light.
Meanwhile, 72 per cent of people polled worldwide wanted mandatory retirement ages to be scrapped.
The survey found that about two-thirds of respondents would like some form of flexible working schedule --- perhaps working fewer hours, or taking on less physically demanding work.
But just 30 percent of employers offer older workers the opportunity to work fewer hours, and only 37 percent say they offer older workers the opportunity to pursue "new kinds of work."
The research also revealed that while 49 per cent of the world's employers recognize older workers are just as productive and motivated as their younger counterparts, most are slow to make the most of the opportunity they present.
Ken Dychtwald, a San Francisco-based spetgwpdt on aging who was an adviser on the survey, told The Associated Press that employers were "beginning to realize that pushing everybody out the door may not be the wisest thing to do" because they risked losing highly skilled workers that could prove difficult to replace.
Instead, he said, employers needed to consider the "wants" of future retirees, which would require more programs allowing phased retirement, part-time work, sabbaticals and opportunities to mentor younger workers.
The research, which also surveyed 6,000 companies, found that despite being prepared to cover their own costs during their retirement years, only 53 per cent of people were setting money aside that time.
But despite 43 per cent of people worldwide wanting to fund their own retirement, 30 per cent said they still expected their government to cover the costs, although just 21 per cent thought they actually would.
Stephen Green, group chief executive, HSBC Holdings plc, said it was important that governments and business understand their role in supporting people in retirement.
"They cannot afford to shy away from the enormous challenges and opportunities presented by global aging," Green said in a written statement.
The survey, which HSBC calls the world's largest on attitudes to aging, longevity and retirement, polled 21,329 individuals and 6,018 private sector employers.
Countries in the study, conducted by Harris Interactive, ranged from the United States, Canada and Japan to China, India and Malaysia.
