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

A nation on standby

The Energy Saving Trust describe us as “a nation on standby” as they reveal tt we are wasting up to £80 per household per year by leaving our electronic devices on standby rather than switching them off. It’s believed that many do not realise the difference in switching appliances off all together in comparison to leaving them on standby – but with the hidden high levels of energy consumption.

Philip Sellwood of the Energy Saving Trust, says, “Whatever your age, gender or the size of your household: our research has found millions of us are unintentionally wasting electricity when we leave our gadgets on standby. It’s an easy mistake to make yet it costs us a fortune”.

The Energy Saving Trust released their statement as an Ip .....

23 Oct 2014 by

Jasmin Stopford

 in 

Personal Finance

Full Article

ICO continues to fine nuisance call companies

The Information Commissioner's Office (ICO) have fined yet another ‘nuisance call’ company who have failed to adhere to their legal requirements under the Privacy and Electronic Communications Regulations Act.

EMC Advisory Services Limited, a Payment Protection Insurance (PPI) claims company, have been fined £70,000 for contacting individuals regardless of whether they are registered on the Telephone Preference Service (TPS). TPS operates a ‘do not call’ list, which means that marketing companies have to ensure that they do not phone people on this list, without previously having the permission to do so. It is a legal requirement that companies do not make sales calls to those on the list.

EMC Advisory Services Limited was re .....

22 Oct 2014 by

Kevin Pearce

 in 

Personal Finance

Full Article

If you have a Standard Life policy read on...

Standard Life policyholders owed an average of £3,000 need to step forward to stake their claim

21 Oct 2014 by

Sophie Regester

 in 

Personal Finance

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2014. All Rights Reserved.

United KingdomAustraliaGive Me Credit United States

Customer Feedback