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Financial pressures cause many to delay retirement

Wednesday 13 April 2011 by Gina Le Prevost

Many people may be opting to delay retiring from their finance jobs and other positions due to money concerns, new research has revealed.

A study conducted by Prudential revealed that 38 per cent of those who had been planning to stop working in 2011 have postponed the move and will remain in employment for longer.

Almost a quarter (22 per cent) of those said financial worries are the main reason why they are putting off retirement, stating they are not well-off enough to stop working.

Job satisfaction may also be a reason for wanting to remain in employment, as 16 per cent of those who intended to retire this year do not want to step out of the workplace.

This comes after recent figures from talent consultancy Chiumento, found 80 per cent of personnel aged over 55 are not in favour of leaving their current employer to work for a new firm.

Head of business development for Prudential Vince Smith-Hughes said people who do not want to put off retiring need to "start saving as much as they can as early as they can".