Senior Partnerships Adviser
A report released by The Financial Services Council and Commonwealth bank has found almost three quarters of older workers across Australia are willing to stay in the workforce for longer.
Older workers, aged between 50 and 74, make up a significant number of the 11.5 million Australians in the workforce, with the 2015 Intergenerational Report released by the Federal Treasurer projecting participation rates among those aged 65 and over to increase from 12.9% in 2014-15 to 17.3% in 2054-55.
Sally Loane, CEO of the Financial Services Council said the Intergenerational Report made it clear that Australians will be living longer, which means retirement at 60 is beginning to seem redundant.
“The Federal Government has made it clear that our nation needs older workers as it benefits their wellbeing, the economy and the broader community,” said Ms Loane.
“We are also beginning to see a positive shift in how society and the workplace values older workers. Employers are increasingly embracing the unique skills and experience older workers contribute and are introducing programs to train and retrain mature staff.”
Nicolette Rubinsztein, General Manager Retirement at Commonwealth Bank said sustaining a comfortable retirement is a major priority for older workers with the report revealing that two thirds of older workers are satisfied they have sufficient funds put aside for retirement, a significant increase from the below 50% of respondents in 2012.
“Australian’s attitudes towards retirement are changing. No longer is the road to retirement such a defined path but providing older workers with the support and flexibility to continue working until the time is right for them to retire and for reasons they choose,” said Ms Rubinsztein.