Age no barrier in jobs market
OLDER Australians are in no rush to retire as financial factors prompt many to stay in the workforce longer.
New research by the Commonwealth Bank and the Financial Services Council shows almost three- quarters of older workers are keen to keep working, and age discrimination against them is falling.
Money is still the driving force for the majority of workers aged 50 to 74, with 38 per cent saying they work for financial security and another 23 per cent saying they do not have enough money to retire.
The report says people’s happiness about working well into their 60s has increased dramatically in the past three years, and over half of 70 to 75year- olds have expressed some level of interest in working.
“Retirement at 60 – unless it is due to poor health or caring responsibilities – is beginning to seem redundant,” said Financial Services Council CEO Sally Loane.
The proportion of older people who have experienced age- related discrimination at work has more than halved since 2012, from 28 per cent to 13 per cent.
Ms Loane said this fall was “pleasing” and reflected changing attitudes among both employers and employees. She said this year’s Intergenerational Report showed Australians would be living and working longer and had changed the debate around older workers.
“Generation X are turning
We need older people working longer. It’s an economic imperative. It’s not negotiable
50 this year and that’s introduced a new cohort – they’re now an older worker,” she said.
The Commonwealth Bank’s general manager retirement, Nicolette Rubinsztein, said flexible workplace arrangements – such as part- time and working- from- home options, were attracting older workers.
She said while many people were realising that they did not have enough money to sustain their level of income in retirement, others were working longer for personal enjoyment, accomplishment or a sense of belonging.
Ms Rubinsztein said keeping older Australians employed was good for the economy.
“We need older people working longer. It’s an economic imperative. It’s not negotiable,” she said.
“Supporting older workers in the workforce and ensuring that more retirees are selffunded is an important way of reducing the costs to Government.”