11.11.10

The Rise of the Nevertirees

Research conducted for Barclays Wealth, highlights the rise of a group they label the ‘Nevertirees’.  These are wealthy older individuals  who never intend stopping work.

Higher life expectancies and financial pressure are prompting a general reassessment of ‘traditional’ retirement by the population at large, but the attitudes of wealthy individuals have already shifted says the The Age Illusion: How the Wealthy are Redefining Their Retirement report. 

Based on interviews with over 2,000 wealthy people around the world and with experts who have provided their views on the older working wealthy,  the report explores how wealthy individuals’ perceptions of their work and lifestyles change as they grow older, and what the implications are for their children and grandchildren.

The research showed that most of those surveyed want to keep on working in some form and never intend stopping, even if they have little financial need to do so. 

These ‘Nevertirees’ are actively engaged in starting new businesses, and taking on new projects.  “For many their work is their passion, and to stop would be unthinkable,” says the report.

Helen Pitcher, chair of a firm which provides mentoring, coaching and advisory services to senior executives facing career transitions, is quoted as saying that most of the people her firm works with resist retirement like mad.  She thinks this has little to do with money, but is rather due to their job providing a sense of self-worth.  Men find the process of retirement more difficult than women, she observes. 

 

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