Britons planning to never retire

Increasing numbers of Britons are having too much fun to ever retire, new research suggests.

Friends Provident's Lasting Lifestyles report suggests that, like Arthur Winston who retired this week after working until the age of 100, a new group of Britain's consumers will never fully give up work.

Mr Winston left his job at the Los Angeles public transit agencies on Wednesday and he had only missed one day of work in 76 years - in 1988 he took a day off to attend his wife's funeral. He said he could have retired in his 70s, but stayed on to help out family members with university fees and financial problems.

And spurred on by continued calls on their bank balances and given the freedom to spend after their children have flown the nest, some 4.1 million Britons aged between 55 and 64 are following his example and are currently working on.

This group enjoys the finer things in life that extra money brings, including luxury cars, skincare products, up to five holidays a year and designer jewellery.

"This is a consumer that came of age in the 60s," noted Jeremy Ward, head of pensions marketing at Friends Provident.

"[They] have kept their open attitudes, political awareness and readiness to consider new ideas. They believe in using their money for fun, enjoyment and new experiences. They don?t want to give up work because they are uneasy about the thought of ceasing to function in society and as consumers."

And the number of UK residents who keep working longer is set to rise, with research firm The Future Laboratory predicting that by 2020 there will be 5.2 million people working on later in life.

"They will recognise that they miss the action of work, even the stress, and head back to the office," said Mr Ward.

"Phased retirement will be seen as desirable, with increasing numbers turning to retirement coaches to help them along the way. Previous reports have hinted at desperation as a reason for people continuing to work, but this new group will actually be choosing to do so, seeing it as a positive move and enjoying the benefits for as long as they can."