Retirement
‘Disillusioned’ male Baby Boomers leaving workforce
Australia could be on the verge of a “wave” of retiring male Baby Boomers who would rather retire than undertake part-time work, a Westpac economist has said.
‘Disillusioned’ male Baby Boomers leaving workforce
Australia could be on the verge of a “wave” of retiring male Baby Boomers who would rather retire than undertake part-time work, a Westpac economist has said.
The Australian Bureau of Statistics has released its latest labour figures, and according to Westpac’s Justin Smirk, the rise in males leaving the workforce had “dragged” male unemployment down to 5.4 per cent in May from 5.7 per cent.
Simultaneously, female unemployment fell from 5.5 per cent to 5.4 per cent.
Mr Smirk noted that female participation rates have gained 0.84 per cent in the last year, while male participation rates have gained 0.10 per cent. While overall male participation (70.68 per cent) is still higher than female participation (60.44 per cent), Mr Smirk said the trends are generally moving in opposite directions.
In the last year, the female labour force has grown by more than the male labour force.
“We are … now seeing disillusioned males leave the labour force,” Mr Smirk said.
“If this trend continues through 2018, it is possible that the unemployment rate will fall even if there are job losses in male employment sectors (such as construction, transport and while collar).”
He also observed that female employment is outpacing male employment in both growth rates and absolute terms, and this reflects cyclical and structural factors. However, part-time employment is a large part of female employment gains.
Male full-time employment was on par with female full-time employment in the 12 months to May, but female part-time employment grew 96,600 while male employment grew 28,400.
“It is this outperformance in female part-time employment, when you also see falling male participation, which hints to us that there are men who would rather leave the workforce than take a part-time employment,” Mr Smirk said.
“The fact they are able to leave the workforce so easily suggests we may be on the cusp of another wave of retiring male Baby Boomers that are choosing to leave the labour force than take a part-time position, possibly different sector to where they have previously worked.”
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more