In a recent survey conducted by Penfold, a startling 67% of 2,000 employed British citizens voiced their disapproval of the government’s proposal to raise retirement age. An even greater number (one in four) were willing to take matters into their own hands and physically leave their places of employment if the plan moves forward.
This poll was conducted shortly after the Institute of Fiscal Studies (IFS) released its new report on the same subject. The report outlined the potential effects of raising retirement age and the impact it could have on the financial standing and future of future generations. At the same time, the research did not mention the expected effect this move could have on the workers it would directly affect.
The Penfold survey shed some light on the repercussions to this plan, with respondents citing both health and financial difficulties as the main reasons for their reluctance to accept it. In particular, one in four respondents argued that raising the retirement age would have a negative impact on their physical and mental health due to added stress and longer working hours.
Another 25% of respondents expressed concern over already struggling finances, claiming that the move would leave them unable to afford the bare necessities of life, such as housing and food. This situation is even more worrying when considering the current financial issues caused by the Covid-19 pandemic.
In light of these findings, Penfold CEO Martha White has encouraged the government to consider alternative action, such as raising wages or pension contributions. She expressed her wish that the authorities would listen to the people and make an effort to improve their current situation.
“We believe that our survey results should be an eye-opening call-to-action for the government,” White said. “It’s clear that a significant number of people would struggle with the prospect of having to stay in employment for longer periods of time. Therefore, it’s of the utmost importance that the government take into account their needs and welfare when making decisions which potentially impact them directly.”
The survey results act as a reminder that the government has a duty of care to its citizens and must assess the effects of its decisions with regards to the welfare of those who might be directly affected by changes. In the end, it is down to the authorities to ensure a fair and just outcome for current and future generations alike.