MARCH OF THE AT-WORK OAPS
SOARING numbers of Scots say they will be forced to work past retirement age as the country faces a demographic time bomb.
According to a report published yesterday, the number of over-75s in Scotland is set to rocket by nearly 80 per cent in the next 25 years.
Meanwhile, a survey suggested that almost half of those now aged 40-64 believe they will not have enough money to retire when they reach state pension age.
Latest projections from the national Records of Scotland (nRS) predict the population will surge from 5.4million in 2016 to 5.58million in 2026, with the total hitting 5.69million in 2041 – a rise of 5 per cent.
The number of people of pensionable age is expected to increase by 25 per cent in the same period – with a sharp rise of 79 per cent in over-75s.
But the number of people of working age is set to increase by only 1 per cent, and the number of children is likely to decrease by 2 per cent.
it is feared that surging numbers of elderly people will further strain Scotland’s hardpressed public services – such as the nHS and social care provided by local councils.
Yesterday, Scottish Labour economy spokesman Jackie Baillie said: ‘Today’s population figures further confirm the longterm trend of an ageing population.
‘Scotland’s public services are already
under severe strain.’ The figures also indicate that the number of deaths will continue to exceed births every year.
Statisticians say all of the projected increase in population over the next ten years will be the result of migration into Scotland.
They predict that more than half, 58 per cent, will come from overseas, with the rest from other parts of the UK.
The figures were released as YouGov research commissioned by Age Scotland and Business in the Community revealed that 43 per cent of Scots aged 40 to 64 think they will not be able to retire at state pension age.
When asked their reasons for this, a total of 44 per cent said they were planning to work into their late 60s and beyond so that they could afford their chosen lifestyle in retirement.
Not having enough money was the most common motivation for continuing to work, while 22 per cent cited the social side of being in employment and 19 per cent of respondents worried that they would get bored or lonely spending their days at home.
Of those who expect to stop working or reduce their hours before their late 60s, almost one in four said their job would be too physically demanding to continue, while 18 per cent expected their health would not allow them to stay in work
Age Scotland is calling for a ‘career MOT’ to be offered to everyone at the age of 50 to help them consider future plans and pension savings.
Chief executive Brian Sloan said: ‘It’s worrying that retirement seems increasingly unaffordable for a growing number of Scots.
‘While there are various reasons people choose to keep working, money concerns are the main factor forcing them to work into their late 60s and beyond. At the same time, many feel they will need to reduce their hours or switch to a less physically demanding job.’
Commenting on the NRS data last night, External Affairs Secretary Fiona Hyslop said: ‘These figures illustrate the critical importance of maintaining inward migration to Scotland – including maintaining the existing freedom of movement with European neighbours – to help increase Scotland’s population and grow the economy.
‘As our population ages, the continued availability of labour from across Europe is essential to meet our economic and social needs, and to address potential skills shortages in all sectors of the labour market.’