In a stark contrast of attitudes between the Continent and Great Britain, it would seem that our European counterparts are far more reluctant to work once they have reached retirement age than us Brits. According to the latest survey by the Financial Times in conjunction with Harrison Interactive, 71% of Germans, and around half of French and Spanish people oppose doing any kind of work once they retire. On the other hand, 61% of Brits say that they would be quite happy to continue to work past their retirement age. When we look across the Atlantic, 66% of Americans would like to continue working once they pass their retirement age.

Interestingly, when questioned over who they felt should bear the responsibility for providing individuals with a stable income after retirement, the European nations were divided. The survey revealed that 69% of Spanish and the majority of Italians felt the state should be responsible. In contrast, the majority of the French, Brits and Americans (although not European) felt the responsibility should be shared between the State, employers and individuals.

Regardless of who should pick up the bill, a high percentage of individuals from most countries felt less secure about the robustness of their pension income now than they did 12 months ago. This is a sign that the global economic crisis has impacted upon people’s perceptions about the security of their retirement. However, many do not want to take steps to secure a higher pension. For example, when asked whether they preferred higher taxes or wage cuts to increase their pension, the consensus was unanimous. There was a strong majority against both options.

It would seem that overall the Brits view is a clear reflection of the times. At present, the government’s support for the state pension is ever diminishing in favour of private pension arrangements. This coupled by poor performing investments in all asset classes and the growing reality of an outstanding debt after retirement, can only lead to one conclusion. Retirement may not be retirement after all.