Video tutorial: How to understand the impact of an ageing workforce

Helping an older population understand when and how they can retire is a topic that has to be addressed, according to Phil Blows, director at Wealth Wizards. “It’s not being talked about enough. We want to talk about getting people prepared for retirement,” he said.

Speaking at the REBA Reward Leaders’ Forum 2018 he revealed the results of new research by Wealth Wizards in conjunction with CEBR. The research, which covered 500 companies, showed that the average age people would like to retire is 60 but the age they think they will be able to retire is 69.

He said that employers are also underestimating the impact that a one year delay in retirement might cost, pointing out that on average employees with 10 to 20 years experience earn an average of £7.30 more – a bill that could cost the UK workforce £7.4 billion in increased wage costs, said Blows.

But costs from absenteeism would also be higher he said, pointing out that the older population took more sick days than younger staff.

He said employers need to do more to help their older staff retire when they want to – with only 24% currently offering financial education in the workplace. “In the long run if we are not helping people retire as and when they want to we are going to run into some serious problems,” he said.

This video was recorded at the REBA Reward Leaders’ Forum 2018 in London on 18 April 2018.