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More people say they plan to keep working in retirement

The findings may reflect economic anxiety

Updated:

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By:
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Mark Huffman
Reporter

Mark Huffman has covered consumer issues since 2004, with a special focus on protecting and empowering older adults. A former news correspondent for the Associated Press Radio Network, Westwood One, and ConsumerAffairs, Mark brings decades of journalistic experience to RetirementLiving.com. He is passionate about giving consumers a voice and helping them make informed decisions. Mark has also created educational content, including Senior Scam Alert, a video resource designed to help seniors recognize and avoid fraud. He holds a B.A. from the University of Kentucky and lives with his family in Richmond, Virginia.
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Photo by Den Lyons on Unsplash

Key Insights

  • Nearly one-third of retirement savers worldwide expect to “unretire,” with U.S. workers leading the trend
  • Half of global respondents foresee a recession by mid-2026, fueling broad financial anxiety
  • Retirement confidence remains low—especially among women—with sharp regional differences

T. Rowe Price’s first-ever Global Retirement Savers Study reveals a shifting and increasingly uncertain vision of retirement around the world, driven by financial anxiety, longer life spans, and evolving expectations for work later in life.

The survey, which gathered responses from more than 7,000 retirement savers across the United States, Australia, Canada, Japan, and the United Kingdom, found that 34% expect to continue working at least part-time after retiring. The expectation is highest in the U.S., where 37% foresee working in retirement, reinforcing a growing “unretiring” trend the firm has been monitoring in major markets.

Rising economic anxiety

The study highlights widespread concern about the global economic outlook. Half of respondents expect a recession by mid-2026, with inflation emerging as the top worry (42%), followed by geopolitical instability (30%) and interest rates (27%).

These anxieties extend to personal finances:

  • 17% fear they will run out of money in retirement
  • Only 27% feel confident they could withstand a major financial shock once retiredrect taps.

Jessica Sclafani, T. Rowe Price’s global retirement strategist, said the findings underscore how retirement is being reshaped by demographic and financial pressures. 

“Longer life spans, financial uncertainty, and shifting expectations are redefining retirement—transforming it from a fixed destination to an evolving journey,” she said.

Sharp regional differences in outlook

Economic sentiment varies dramatically across countries. Japan and Canada are the most pessimistic, with 62% and 56% of savers, respectively, anticipating a recession. Meanwhile, respondents in the U.S., UK, and Australia are comparatively less gloomy, with fewer than half expecting an imminent downturn.

Retirement outlooks also diverge:

  • Only 31% of all respondents believe they will live as well or better in retirement.
  • Japan and Australia show the lowest optimism, while the UK stands out as the most positive.

Confidence gap between men and women

The study uncovered a pronounced gender gap in retirement confidence. Women—especially single women—consistently expressed lower confidence than men about their financial preparedness. The disparity is most striking in Australia, where 31% of men report high retirement confidence, compared with just 15% of women.

About one-third of global savers say they feel excited about retirement. That excitement strongly correlates with financial stability: higher earners, married individuals, and those who report progress toward savings goals are significantly more optimistic. Excited savers are twice as likely to say they are on track with their financial objectives.