Age Scotland has found that almost half of workers will not be able to afford to stop working at state pension age
Almost half of Scots workers have said they cannot afford to retire at state pension age.
A study by Age Scotland has prompted calls for career MOTs at 50 for all to help people adjust future plans and pension savings.
It found that 43% of Scots aged 40-64 – an estimate of more than 786,000 people - will not have enough money to retire when they reach state pension age.
Scots are increasingly planning to continue to work into their late 60s and beyond, with 44% saying they would do so to afford their desired lifestyle in retirement, according to YouGov research for the charity Age Scotland and Business in the Community (BITC).
More than a third (36%) who believe they will be working past state pension age plan to continue working in their current job with the same hours, while 25% intend to reduce their hours.
Not having enough money was the most common reason to continue working. Others included enjoying the social side of working (22%), and worrying they would get bored or lonely at home (19%).
But many are concerned about their health or fitness to continue working. Of all those who expect to stop working or to reduce their hours before their late 60s, almost one in four (24%) say their job is too physically demanding to continue working into their late 60s, while 18% expect their health won't be good enough.
Age discrimination could also have an impact on people's ability to continue working or change roles.
Almost one in four adults aged 40 to 64 (24%) felt disadvantaged or treated negatively when at work or applying for jobs past the age of 40.
Age Scotland is calling for government action to help people plan their later working lives and explore how they can put enough money aside for the future while there's still time to make a difference.
A recent report by the Scottish Government, with the University of Edinburgh Business School, highlighted the benefits of mid-career reviews, to prevent a downward trajectory for employees after the age of 50.
Brian Sloan, Age Scotland's chief executive, said: "There is a growing need for more guidance to help people plan their future working life and prepare ahead for retirement. We're pleased that most Scots support our plan for a career MOT at 50 to enable them to make informed choices about training, pension provision and future career options.
"As the state pension age increases, working longer is set to become part of life. We're urging the Scottish Government to continue to invest in our older workers, tackle barriers to working, and offer mid-career guidance to everyone who requires it."
Alan Thornburrow, director of Business in the Community Scotland, said "As part of BITC's commitment to increasing diversity in the workforce, we are delighted to be working with Age Scotland to address the issues around an ageing workforce.
“With an ageing population, business needs to take action now to prevent early exit from the workforce, support later life working and make the most of intergenerational workplaces."
