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Saturday 05th of February 2011
September 27, 2010    

Wealthy individuals express a desire to shun retirement

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by Kay Murchie
Wealthy individuals express a desire to shun retirement

In its latest Insights Report, Barclays Wealth has discovered that there is a growing number of wealthy individuals in the UK that want to continue working and never retire.

This so-called “Nevertirement Trend” is favoured by 60% of high net worth individuals in the report called: The Age Illusion: How the Wealthy are Redefining Their Retirement.

However, the UK leads the way among the developed economies with 60% preferring to continue to work in later life.

In the US, just over half (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.

The report comes shortly after the Government proposed to scrap the default retirement age in the UK from October 2011.

Under new Government proposals, employers will no longer have the legal right to terminate the employment of a 65-year-old.

Charities such as Age UK and activists welcomed the new proposals as a “victory” against ageism.

Meanwhile, commenting on the report, Greg Davies at Barclays Wealth, said: “Whilst in previous generations there have always been an energetic few with the health and drive [to keep working], many looked to create their wealth early on in life with a view to enjoying it whey they retired.

“This report reflects a different attitude, with wealthy individuals wanting to continue to challenge themselves well beyond the traditional retirement age,” concluded Davies.

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Tags: Barclays Wealth, default retirement age, Government proposals, Insights Report, Nevertirement Trend, , , wealthy individuals

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