The majority of older Australians want to keep working past the age of 50, but are concerned about their physical condition becoming a barrier to employment, according to new research.
The Financial Services Council (FSC) commissioned the research to determine employers’ and employees’ attitudes towards older workers.
It found that 53% of those over 50 years of age said they would be ‘Somewhat Keen’ or ‘Very Keen’ to keep working for as long as they felt willing and able. The primary reason cited for this desire to remain in the workforce was financial security (53%).
However, 59% said they believed there were barriers to being able to work beyond 50, with the majority saying it was their physical condition preventing workforce participation.
The survey also found that of the nearly one-third who had experienced some form of age-discrimination, 19% said it related to the inflexibility of an employer regarding their health/physical needs. In contrast, employers who were surveyed for the report had a more positive view of the ability of older workers.
‘While some attitudes and cultures need to change, the experience of employers themselves with older workers is usually at least as positive as any other age bracket. Where there are issues, for instance with physical deterioration or IT skills gaps, these are seen as redeemable and resolvable,’ the report stated.
FSC CEO, John Brogden, said the research highlighted a need for Australian workplaces to implement greater flexibility to encourage older workers.
We need to end the concept of full time work followed by full time retirement
“We need to end the concept of full time work followed by full time retirement. Australians remaining in the workforce for longer periods will stretch retirement incomes by supplementing superannuation through part-time work as well as reduce our nation’s skills shortage,” he said.
“However the solution is not a new raft of anti-discrimination laws. Instead, the focus should be on more flexible work practices and finding other paths of employment such as consulting or mentoring to encourage further workforce participation by older workers.”
