Attitudes to Older Workers
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Attitudes to older workers
Prepared for the Financial Services Council
January, 2012
© Westfield Wright Pty Levels 13 & 14 Macquarie House 167 Macquarie St SYDNEY NSW 2000 Commercial-In-Confidence PH: +61 (0) 438 555 436 +61 (0) 457 805 838
1
TABLE OF CONTENTS
Overview
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3
Executive Summary - Workers & Employers
...……….............
4
Findings from Workers Aged 50+ (Quantitative Study)
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11
Findings from Employers (Qualitative Study)
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16
Appendix I:
Methodology …………………………………………………………….
21
© Westfield Wright Pty Levels 13 & 14 Macquarie House 167 Macquarie St SYDNEY NSW 2000 Commercial-In-Confidence PH: +61 (0) 438 555 436 +61 (0) 457 805 838
2
Overview
The Fact That Matters Most: Over 1 million Australians aged 50 or over today have insufficient pension or superannuation cover.
In commissioning this work, the Financial Services Council is taking some of the first steps in Australia to deal with a problem that is confronting many developed countries. While population growth and fertility rates continue to stagnate, people are living longer, meaning that in Australia the over-60s are growing in number at approximately four times the rate of other demographic groups. At current trends, by 2050 there will only be 2.7 working Australians for every citizen over 65. In the 1970s, the ratio was 7.5 workers for each older Australian. Without decisive policy action, this will have significant implications for the quality-of-life of every Australian. Increasing the labour force participation of this age group provides a double benefit in combating the impact of an ageing population: By increasing the number of people in the workforce, ameliorating skill shortages and reducing the dependency ratio (the ration of retirees to workers); and Giving these workers more time to save for retirement, increasing their income in
Attitudes to older workers
Prepared for the Financial Services Council
January, 2012
© Westfield Wright Pty Levels 13 & 14 Macquarie House 167 Macquarie St SYDNEY NSW 2000 Commercial-In-Confidence PH: +61 (0) 438 555 436 +61 (0) 457 805 838
1
TABLE OF CONTENTS
Overview
…………………………………….………………………………………..
3
Executive Summary - Workers & Employers
...……….............
4
Findings from Workers Aged 50+ (Quantitative Study)
………………..
11
Findings from Employers (Qualitative Study)
………………………..….
16
Appendix I:
Methodology …………………………………………………………….
21
© Westfield Wright Pty Levels 13 & 14 Macquarie House 167 Macquarie St SYDNEY NSW 2000 Commercial-In-Confidence PH: +61 (0) 438 555 436 +61 (0) 457 805 838
2
Overview
The Fact That Matters Most: Over 1 million Australians aged 50 or over today have insufficient pension or superannuation cover.
In commissioning this work, the Financial Services Council is taking some of the first steps in Australia to deal with a problem that is confronting many developed countries. While population growth and fertility rates continue to stagnate, people are living longer, meaning that in Australia the over-60s are growing in number at approximately four times the rate of other demographic groups. At current trends, by 2050 there will only be 2.7 working Australians for every citizen over 65. In the 1970s, the ratio was 7.5 workers for each older Australian. Without decisive policy action, this will have significant implications for the quality-of-life of every Australian. Increasing the labour force participation of this age group provides a double benefit in combating the impact of an ageing population: By increasing the number of people in the workforce, ameliorating skill shortages and reducing the dependency ratio (the ration of retirees to workers); and Giving these workers more time to save for retirement, increasing their income in