Australia: Survey of Older Workers Finds Workers Optimistic about Staying in the Workforce

According to a report issued by the Financial Services Council and Commonwealth Bank, 71% of older workers across Australia are optimistic about staying in the workforce, and 72% are willing to stay in the workforce for longer. The 2015 Older Workers Report also found that for 61% of the older workers, financial security is the major reason to keep working, followed by reasons such as personal enjoyment, a sense of accomplishment, and freedom and independence. In addition, the report found:

• Older workers would like to work for an average of six years longer
• One in three 60-64 year olds expect to work for another 5 years but only 10% for another ten
  years
• 41% of respondents expect to be paid exactly the same as any equivalent employee
• 69% of older workers have not applied for a job since turning 50
• Job satisfaction remains a key driver for 52% of those who have not applied for a new job
• 17% of older workers have been made redundant since turning 50
• Females are more likely than males to not apply for a job once made redundant
• 61% of older workers have been offered training/ up skilling services at the workplace and
  taken them up
• 55% have a preference for working part time for their remaining working life
• 65% are satisfied they have sufficient funds to put aside for retirement

Source: Financial Services Council Press Release (July 27, 2015)