8 Oct 2018
Retirement brings both loss and opportunity, and whilst many people enjoy it hugely, we know that others find the transition difficult. We want to ensure that more people are able to better manage this transition.
Our recent research showed that one in five people who retired in the last five years found it difficult, and only around half (56%) of the people planning to retire in the next five years are looking forward to it. People were worried about managing their money (41%), feeling bored (33%) and missing their social connections from work (32%). Nearly a quarter worried about losing their purpose (24%).
Currently, most pre-retirement planning provision, focuses on the financial aspect of retiring. Support with the social and emotional aspects of retirement is rare.
We recently evaluated seven pilot pre-retirement courses focused on resilience building and emotional well-being, with the Calouste Gulbenkian Foundation (UK). These courses showed promising outcomes in terms of participants’ confidence and attitudes to ageing, as well as a greater appreciation of the importance of their social relationships and the role they would play in their life in future.
We think that this is an area worth exploring further to help people to make the most of later life.
Having the time to think about that would make the next stage of my life good for me, and actually planning for achieving that has really helped me
We are working in partnership with the Calouste Gulbenkian Foundation (UK). Over the next few months, we’re reviewing the evidence and carrying out analysis to understand the range of experiences, and who finds it most challenging.
We’re evaluating the second phase of the Calouste Gulbenkian Foundation (UK) Transitions in Later Life Projects, to strengthen our understanding of whether and how these psychosocial courses help people prepare for retirement. We’ll also explore what the benefits may be to employers in supporting their staff in this way.
We will also explore whether there are other methods and solutions which could support change, and work with others to pilot and implement them.