Almost two-thirds of employees say they will be forced to make up for a deficiency in their pension with a wage, findings from Canada Life reveal.
While a significant proportion of workers expect to make up for a shortfall in their pension pot by working for longer, just 28% of respondents to Canada Life's survey said they wanted to continue working because they enjoyed their work.
Overall, 63% of workers did not think they would have a sufficient pension by the age of 65, while one in 10 (10%) planned to continue working past the traditional retirement age in order to continue receiving certain workplace benefits.
Almost one in four (24%) employees said they would have no choice but to work beyond 65 because of the recession, while a further 31% were already considering doing so.
The number of employees expecting to work past the now redundant state retirement age of 65 has almost doubled since Canada Life surveyed participants in 2012, rising from 35% to 66%.
Among those employees planning to work beyond the age of 65, 18% said that critical illness cover would be the most useful protection product, while 16% opted for income protection.
A fifth (20%) of employees said that the issue likely to affect employees the most due to an ageing workforce was a change in working dynamic with older people likely to have more health issues.
Canada Life Group Insurance marketing director Paul Avis said that more employees were accepting that the idea of retiring at 65 and no longer earning a wage was "fast becoming antiquated."
"Increased life expectancies and recent economic difficulties have boosted the proportion who feel they will be forced into working longer than they want to in order to afford the rising cost of living," he explained.
"Employees considering working beyond the traditional retirement age should acknowledge the importance of appropriate workplace benefits, particularly as an older workforce will inevitably suffer from more health issues. Group benefits such as income protection and critical illness cover will ensure incomes are protected in the event of an accident or serious illness, preventing people from having to push back their retirement even further due to unexpected gaps in income."
