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
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more

Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more

Retirement Planning
Retirement Income Review cornerstone ‘not for everyone’
Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians. ...Read more

Retirement Planning
Effective tips that can help Millennials retire faster
Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history. ...Read more

Retirement Planning
What you need to know to get ahead financially
Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible. ...Read more

Retirement Planning
How to adjust your wealth strategy during COVID
Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the f...Read more

Retirement Planning
Should older Australians downsize their property?
Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up i...Read more

Retirement Planning
Self-funded retirees ‘hung out to dry’ by 2020 budget
The Association of Independent Retirees has slammed last night’s federal budget release, accusing the government of overlooking older Australians in its post-COVID-19 recovery plans. ...Read more

Retirement Planning
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more

Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more

Retirement Planning
Retirement Income Review cornerstone ‘not for everyone’
Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians. ...Read more

Retirement Planning
Effective tips that can help Millennials retire faster
Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history. ...Read more

Retirement Planning
What you need to know to get ahead financially
Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible. ...Read more

Retirement Planning
How to adjust your wealth strategy during COVID
Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the f...Read more

Retirement Planning
Should older Australians downsize their property?
Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up i...Read more

Retirement Planning
Self-funded retirees ‘hung out to dry’ by 2020 budget
The Association of Independent Retirees has slammed last night’s federal budget release, accusing the government of overlooking older Australians in its post-COVID-19 recovery plans. ...Read more