SME bosses set to work beyond retirement age

More than two-thirds of SME bosses in Scotland expect to work past the current state retirement age, according to data from challenger bank Aldermore.

The latest Aldermore Future Attitudes report found that 68 per cent of those surveyed north of the Border, representing about 235,400 SMES, are planning to work past retirement age, with more than a third intending to work well into their 70s. Additionally, 12 per cent believe they will never be able to retire.

On a more positive note, however, 60 per cent claim they like working.

Carl D’ammassa, group MD, business finance at Aldermore, said it is heartening to see so many SME bosses “are still relishing the opportunity to be their own boss and lead the way well after they are 65”. But he added that for those passing on the running of their firm to others “we urge them to do this as auspiciously as possible to ensure the company continues to thrive”.