Australia’s older workers apparently have come to terms with the idea that they will be delaying retirement and working longer.
The government has been cutting access to the aged pension until later in life. A pension, once available at aged 65, is now accessed from 67 and the idea is to extended this to 70.
According to the Financial Services Council-Commonwealth Bank Older Workers Report 2015, financial security is the major reason older workers keep working (61%).
Other motivation includes personal enjoyment, a sense of accomplishment, and freedom and independence.
Just under one-third have applied for a new job since turning 50, indicating job satisfaction remains a key driver.
The survey of questioned 500 people across Australia between the ages of 50 and 75 years.
This chart shows their responses:
The Federal Government has made it clear that keeping people working longer benefits the economy and the broader community.
The survey reported that age discrimination towards older workers has more than halved to 13% compared to 28% in 2012.
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