LONDON, October 8, 2014 /PRNewswire/ --
A survey released by Teachers Assurance has found that teachers were 34% more likely to consider a return to work following retirement than when surveyed in 2013.
The survey, carried out in conjunction with independent research specialist Opinion Matters, found that despite nearly half (49%) of teachers saving between £50 and £200 in addition to their public sector pension each month, a huge 94% said they would consider returning to work to fulfil their financial requirements. 88% of teachers surveyed by Teachers Assurance stated they planned to return to work after retirement on a part time basis, with a further 6% admitting they'd consider a return to full time work. In 2013, the same Teachers Assurance survey found that just 60% of teachers would consider a return to part time or full time work in order to gain additional income, showing an increase of more than a third. Teachers were the most likely of all public sector workers questioned to consider a return to work, with an average 66% across other public sector professions industries such as the NHS, civil service and police force.
Although 57% of teachers stated they were very happy about retiring, 30% admitted to being worried about the financial aspects. With a slight increase since 2013 (2%), this figure demonstrates that changing economic climates and uncertainty within the profession are continuing to contribute to increased financial worries.
Sam Richardson, Head of Membership Services at Teachers Assurance comments: "It's extremely worrying to learn that the vast majority of teachers feel they have no option but to return to work after they've retired. All of the teachers we spoke to were either retired or within five years of retiring, which indicates that people are leaving their retirement planning until it's far too late. We know that teachers work extremely hard throughout their career and believe they should be able to enjoy their retirement living, which is why it's so important they start thinking about future finances sooner rather than later."
While the number of teachers who stated they currently paid into the Teachers' Pension Scheme increased from 57% in 2013 to 67% this year, the number who planned to save for retirement for 31 years or more had decreased from 52% in 2013 to 46% in 2014.
Encouragingly, though, those who were looking forward to their retirement shared lots of exciting plans for using their pension lump sum. 29% said they would spend it on holidays, 31% would use it to pay off their mortgage and 8% planned to buy a present for themselves.
To read the full results of the Teachers Assurance annual retirement planning survey, visit teachersassurance.co.uk.
Teachers Assurance offers a range of savings, investments and insurance for individuals and their families, as well as a comprehensive retirement planning seminar programme across the UK. To find out more about Teachers Assurance visit teachersassurance.co.uk or call 0800-056-0563. Alternatively, follow the company on Twitter, Facebook or LinkedIn; simply search for Teachers Assurance.
Notes to Editor
Case studies, a copy of the full report, infographics and further assets are available on request
About Teachers Assurance
- Teachers Assurance manages circa £1 billion on behalf of its Members and customers
- Teachers Assurance was set up in 1877
- Teachers Assurance does not offer financial advice
- Originally set up to support teachers and their families, today the company offers a range of savings, investments and insurance products for individuals and families across the UK
For further information:
Laura Bentham, PR Team Leader
SOURCE Teachers Assurance