Almost three quarters of Australian workers over 50 were willing to keep working regardless of their financial state, while 71 per cent had no concerns about being in the workforce, a retirement survey found.
The Financial Services Council and Commonwealth Bank’s Older Workers’ Report found almost 40 per cent of workers continued working for financial security, while 23 per cent felt they had not accumulated enough funds to retire.
A further 15 per cent kept working for personal enjoyment.
CBA general manager, retirement, Nicolette Rubinsztein, told a media briefing yesterday it was crucial for workers to work longer to maintain the health of the retirement market, which was set to grow by $1 trillion over the next 10 years.
“We’re facing a deficit, we’re looking at where we’re spending money. In terms of the cost of the age pension and funding of people’s retirement, it’s more and more important too that people do continue working for longer,” she said.
The survey also showed 49 per cent felt there were no barriers to continue work past 50, while 13 per cent said they had faced age discrimination, down from 28 per cent in 2012, a result FSC chief executive, Sally Loane, was pleased about.
“I think we can probably thank attitudes from both older workers and also from employers because I think employers have realised that to discriminate against people who are getting into their 50s is economically just not feasible,” Loane said.
“It costs a lot to re-train people. And if they’re put out to pasture too early then it’s just a zero sum game.”
But the survey said 27 per cent of respondents over 50 found it difficult to find a new job after being made redundant, while 16 per cent found it quite difficult.
“Although age discrimination is dropping significantly, it’s still difficult if you have to transition,” Loane said.
