A report prepared for the Financial Services Council by Westfield Wright into attitudes towards older workers has found that three in ten workers over the age of 50 have experienced age-related discrimination, and that among the over-50s, those earning under $80,000 are more than twice as likely to have experienced discrimination as those on higher incomes.

 

The Financial Services Council commissioned the report  in response to the demographic policy issues arising from the ageing population, and the fact that one million Australians aged 50 or over have insufficient pension or superannuation cover.

 

The report made nine key findings:

 

  • The financial crisis of 2008 has dramatically affected the attitudes, financial outlook and needs of the over 50s as well as those that employ them.
  • The problem is most acute among middle-income, middle-managers.
  • The trend is towards greater flexibility in contracts and careers for younger people Government and business needs to act to create similar pathways for the over-50s.
  • Discrimination is a problem, and it will not go away without real action to change the “rules of the road” for 50+s
  • Training & Development is seen as having a declining Return on Investment for workers aged over 50 at the time they need it most.
  • Money matters: Currently, the costs of hiring and retaining workers aged over 50 are too high and act to push people into retirement
  • For both employers and employees, there is a need to define a picture of ‘what work can look like’ in your fifties and sixties.
  • Demand for Australian resources is booming in line with that sector’s demand for older workers.
  • Recruiters believe that older workers have “so much to offer”. And that realising this will only help the performance and productivity of the Australian economy.


The report is available here.