Attitudes towards retirement would appear to be changing. At one time people stopped working when their working capacity had declined so much that they could no longer work productively. But expectations have changed. People can increasingly look forward to many years of healthy life after retirement.
Many now see their retirement years as an opportunity to enjoy their leisure time in a way that was impossible while they were at work. There appear to be rising expectations about consumption levels during retirement. An increasing readiness to consume in retirement also means an increasing need for pension savings.