A report published by UK life and pensions company Friends Provident suggests that a new breed of consumers have emerged whose taste for the high-life makes them more reluctant to retire.
The report from the leading UK insurer terms this new class as 'bridge careerists', describing them as people who find employment beyond retirement age to fund their lifestyle. The report indicated that these consumers enjoy spending so much that they are prepared to keep on working for such luxuries as top-range cars, skincare products, high-quality fashion and leisure cruises.
The report estimated that 4.1 million (53%) of the UK's 7.6 million 55 to 64 year olds are currently bridge careerists. It predicted that this figure would rise to 5.2 million (64%) by 2020.
Jeremy Ward, head of pensions marketing at Friends Provident, commented: "This is a consumer that came of age in the 60s. Bridge careerists 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."