OAPs will boost economy

Many of tomorrow’s pensioners will become self-employed consultants, online traders or run odd-job businesses to make ends meet in retirement, according to research.

A generation of “Wearies” – Working, Entrepreneurial and Active Retirees – could be forced to work into their 70s and beyond due to the looming pensions crisis.

Effectively ruled out of employment by age, they will instead set up their own businesses, according to the study for Friends Life by think-tank Future Foundation.

More than half (51 per cent) of those already retired said they would be prepared to do part-time work to boost their pensions, the research found.

But the figure jumped to three-quarters (75 per cent) among those who are yet to retire. Of those still working, 89 per cent said they would be prepared to work part-time, run firms, start trading online or live with others to supplement their incomes.

Martin Palmer, head of corporate benefits marketing at Friends Life, said: “Many will not have saved adequately for retirement and, after years of fiscal austerity, by 2020 many people in their 70s will not be able to afford to give up working.”