Do you feel ready for retirement?
Schools in England are facing a 'retirement rush' as their most senior and experienced teachers bring forward their retirement plans, amid the pressures of the pandemic.
That's according to our recent survey, which also shows that many education professionals are lacking confidence that they are financially ready for retirement.
Results of the Teacher retirement survey 2021
Some of the findings from this year's teacher retirement survey include:
- More than one in five headteachers at schools in England have accelerated their retirement plans over the past 12 months
- Work-life balance, workload and stress and the biggest drivers for an early retirement
- More than a quarter of experienced teaching staff admitted they were not confident about their financial preparations
Wesleyan’s research is based on a survey of 5,598 teachers in England, conducted by TeacherTapp in April 2021.
Simon Rake, Head of the Teachers Division at Wesleyan Financial Services, said:
"Considering the stresses teacher have faced this past year, it's not surprising that many are now reconsidering their retirement plans. But what is a worry is that so many are doing so despite not feeling ready financially to leave work.
"Some teachers will find themselves between a rock and a hard place – deciding whether to risk retiring earlier without understanding how and when they can access the money they need, or continuing to work in conditions that may be taking a toll on their wellbeing and mental health.
"Even if they’re not considering early retirement, it is essential that teachers take the time to assess their own finances, understand what options they have available and put a plan in place so that they are in the strongest possible position when the day eventually comes."
To discuss your finances with a Wesleyan Financial Services Consultant who specialises in the teaching profession, you can book an appointment here.