Gig work helps over-55s ease into retirement

Workers aged 55 and over are increasingly opting for the flexibility of working in the gig economy as they transition into retirement, according to research.

Analysing a survey by YouGov of over 4,200 adults, Zurich UK found that 36% of gig workers aged 55 and over chose this type of work to help them ease into retirement.

The same percentage cited flexibility and being able to choose the work they take on as the main attraction.

In fact, many plan to continue this style of work beyond state pension age, with more than 10% of all gig workers expecting to keep working up to the age of 75.

However, the insecure nature of gig work means that it comes with its drawbacks.

The main disadvantage, according to 44% of survey respondents, was a lack of workplace benefits such as income protection, holiday and sick pay.

Meanwhile, 34% said their biggest problem with gig work was not knowing where their next paycheque would come from, and 27% said it was not having a workplace pension.

Chris Atkinson, head of direct at Zurich UK, said:

"Gig work is clearly a popular choice for near-retirees, allowing them to keep a form of money coming in without the traditional 9 to 5.

"However, as the world of work continues to change at a rapid rate, it shouldn't come at the expense of financial protection."

Speak to us about your retirement planning.