We use a minimal number of cookies to enhance your browsing experience - you can change your settings at any time.
checkmyfile
The UK's only Multi Agency Credit Report

Take a FREE 30-day no obligation trial. Call 0800 612 0421 9am-5pm, Monday to Friday for help.




  
Forgotten Password? Not a Customer? Sign Up

Retirement is not good for you

Posted in 'Personal Finance' by Barry Stamp

17 May 2013

A new report issued by the educational charity, the Institute for Economic Affairs, claims that retirement can have a detrimental impact on both physical and mental health.

The report, entitled Work Longer, Live Healthier: The relationship between economic activity, health and government policy reveals that

- Retirement decreases the likelihood of being in ‘very good’ or ‘excellent’ self-assessed health by about 40%

- Retirement increases the probability of suffering from clinical depression by about 40%

- Retirement increases the probability of having at least one diagnosed physical condition by about 60%

- Retirement increases the probability of taking a drug for such a condition by about 60%

What’s more, the time spent in retirement turns out to be very life changing in more ways than one. According to the IEA report:

- It decreases the likelihood of being in ‘very good’ or ‘excellent’ self-assessed health by between 10% and 30%

- It increases the probability of suffering from clinical depression by 17%

- It increases the probability of having at least one diagnosed physical condition by 22%

- It increases the probability of taking a drug for such a condition by 19%

Philip Booth of the Institute of Economic Affairs says, “Over several decades, governments have failed to deal with the ‘demographic time bomb’. There is now general agreement that state pension ages should be raised. The government should take firmer action here and also deregulate labour markets. Working longer will not only be an economic necessity, it also helps people to live healthier lives.”

Edward Datnow of the Age Endeavour Fellowship says, "In highlighting the positive link between work and health in old age this research is a wake-up call for the UK's extensive and well-funded retirement lobbies. More emphasis needs to be given to ways of enabling a work-life balance beyond today's normal retirement age with legislative discouragements to extending working life being replaced with incentives. There should be no 'normal' retirement age in future. More employers need to consider how they will capitalise on Britain's untapped grey potential and those seeking to retire should think very hard about whether it is their best option."

The IEA is recommending that the government should pursue policies that remove barriers to working longer, as current demographic changes are putting unnecessary pressures on both state pensions and health care costs.

Barry Stamp is a co-founder of checkmyfile and is a Chartered Banker and a Fellow of the Institute of Credit Management. He can be contacted at barry.stamp@checkmyfile.com.

Barry Stamp

Barry is a Chartered Banker and a Fellow of the Institute of Credit Management. He has a degree in Statistics and Business Economics from the Open University. Barry writes mostly on news from the worlds of banking and mortgages.

Barry is a co-founder of checkmyfile.

Related Articles

Discount supermarkets top best value wine list

As I’ve matured in age (much like a fine wine) I like to be slightly more discerning in my alcohol buying. Which some of my friends laugh about when they hear that what I do buy tends to be from Aldi or Lidl.

So I happily read about the research from Wotwine’s expert wine tasters, stating that actually the discount supermarkets are the ‘best value’ when it comes to buying quality wine. Lidl came top of the supermarket pile when it came to value-for-money at 65%, with Aldi just behind at 64%. The bigger supermarkets came trailing behind, with their % of good value wines all sitting in the 40-50% bracket.

Wotwine based their grading on the fairness of price and where the quality of the wine on sale outstrips the price. With m .....

29 May 2015 by

Kelly Luff

 in 

Personal Finance

Full Article

Free mobile service to come to UK

FreedomPop, a company that has launched completely free mobile services in the US in October 2012, is to extend its services to the UK this summer.

Founded in 2011 by ex-British Telecom VP of Strategy and Product Development Stephen Stokols, and ex Woo Media and ex-Shopzilla marketing executive Steven Sesar, the Los Angeles based company is backed by several investors including a founder of Skype. Its business model is to offer a free 4G mobile phone service, free wireless internet and free home broadband, in the hope that users will upgrade to its paid-services which are said to be competitively priced.

Small numbers of invites for the free UK service are to rolled out over the next few months. To add your name to the b .....

28 May 2015 by

Barry Stamp

 in 

Personal Finance

Full Article

Kids cost £35,000 by the age of five

Children are found to have drained our finances to the tune of £35,000 by the age of five years old

27 May 2015 by

Kelly Luff

 in 

Personal Finance

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2015. All Rights Reserved.

United KingdomAustraliaGive Me Credit United States

Customer Feedback