Retirement
Older women squeezed by work and care demands
“Competing societal demands” have left older women under pressure to both look after the older generation and keep up in the workforce, the Australian Bureau of Statistics has said.
Older women squeezed by work and care demands
“Competing societal demands” have left older women under pressure to both look after the older generation and keep up in the workforce, the Australian Bureau of Statistics has said.
The latest figures from the Australian Bureau of Statistics (ABS) report that while labour force participation generally decreases with age, there are a “growing proportion” of older Australians who are working past 65 years.
In 1995, the labour force participation rate for men older than 65 was just under 10 per cent, and women just under 3 per cent. In 2015, these figures had grown to just under 18 per cent for men and just under 10 per cent for women.
The ABS argued that financial circumstance, work satisfaction, disability, health, and caring or volunteering responsibilities had played roles in older Australians’ decisions on whether to keep working past the traditional retirement age.
In particular, the ABS pointed to growing rates of mature-aged workers – those aged 55-64 – approaching retirement with a mortgage in tow, courtesy of rising housing costs, as a factor. Additionally, this financial pressure can be compounded by adult children sometimes requiring housing or financial support, and the care duties associated with the growing number of older Australians.
The labour force participation of women aged 55-64 has grown from less than 30.0 per cent in 1995 to just below 60.0 per cent in 2015.
“Women in this age group are particularly affected by competing societal demands that encourage increased labour force participation in older age, while simultaneously being relied upon to care for the growing number of older Australians ageing in their own home,” the Bureau said.
Women approaching retirement (aged 55-64) made up 57.5 per cent of carers in 2015, with 58.3 per cent of those also participating in the labour force. That’s compared to 69.5 per cent of non-carers in the same age bracket.
It’s not just those aged 55-64. In 2015, nearly one in five (18.4 per cent) of Australians aged over 65 were carers and just over three-quarters, 76.0 per cent, were looking after a spouse.
“Providing informal care can affect an older person’s capacity to remain in paid work,” the ABS explained.
“In 2015, 41.5 per cent of older primary carers spent an average of 40 hours or more per week in their caring role, leaving little time to carry out paid work.
“Of older carers who were not in the labour force, one in eight (12.7 per cent) reported that the main reason for leaving work was to commence their caring role.”
But what else is keeping older Aussies in the workforce?
Older Australians are “leading more active lives” than generations before, while also experiencing decreasing rates of disability, the ABS said.
“With a greater capacity to work, and the pressure of an increasing ageing population on the cost of welfare provision, many older people are remaining in paid work beyond the age of 65.”
In 2015, 59.8 per cent of older Australians in the workforce were working part-time and nearly two-fifths (39.4 per cent) were engaged full-time.
Further, there were 20,700 workers in this age group that were employed but wanted to, and had the capacity, to work more.
The benefits of remaining in the workforce stretch “beyond financial motivations”, the ABS said, identifying “a sense of satisfaction and wellbeing, improved self-worth, and more active social engagement” as added benefits.
As such, promoting older Australians to stay in (or potentially re-enter) the workforce is a “key policy issue”.
“Removing barriers to employment, and ensuring that adequate flexibility and support is available to encourage and enable ongoing labour force participation is critical to ensuring that those who choose to remain in the workforce beyond age 65 can do so,” the Bureau concluded.
Retirement Planning
‘Surprising and disappointing’ lack of innovation in retirement products
Despite an ageing population, the “surprising and disappointing” lack of retirement product information is holding members back, an industry expert has revealed. ...Read more
Retirement Planning
Aged care funding falls short of ‘once-in-a-generation reform’
The “once-in-a-generation” reforms have fallen short of the measures required to fix the neglected sector, industry experts have said. ...Read more
Retirement Planning
Aged care increases announced, but are they enough?
The government has announced more than $17 billion in assistance to the underfunded aged care sector over five years. ...Read more
Retirement Planning
Majority of Australians worry about their retirement
The majority of Australians believe in raising the aged pension as well as lifting the rate of superannuation to 12 per cent as they worry about having enough in retirement, new research has revealed....Read more
Retirement Planning
1 in 2 Aussies feels unsure about their retirement
With the majority of Australians concerned about their financial future, a superannuation provider has shared six tips to help Australians take control of their retirement planning. ...Read more
Retirement Planning
5 tips for a financially healthy retirement
While it is never too early to start planning for your retirement, it is also never too late, with just five simple steps enough to make a big difference to your financial position and ensure you have...Read more
Retirement Planning
PM unveils $452m funding package following ‘harrowing review’
The federal government has announced that it will spend almost half a billion dollars on immediate measures to help overhaul the aged care sector following the release of the aged care royal commissio...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
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Are property prices set to crash? Should you jump on board the fintok craze? And how to prepare for this tax time
Listen now
Dissecting the budget and what it means for your equities, property and super
Listen now
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Retirement Planning
‘Surprising and disappointing’ lack of innovation in retirement products
Despite an ageing population, the “surprising and disappointing” lack of retirement product information is holding members back, an industry expert has revealed. ...Read more
Retirement Planning
Aged care funding falls short of ‘once-in-a-generation reform’
The “once-in-a-generation” reforms have fallen short of the measures required to fix the neglected sector, industry experts have said. ...Read more
Retirement Planning
Aged care increases announced, but are they enough?
The government has announced more than $17 billion in assistance to the underfunded aged care sector over five years. ...Read more
Retirement Planning
Majority of Australians worry about their retirement
The majority of Australians believe in raising the aged pension as well as lifting the rate of superannuation to 12 per cent as they worry about having enough in retirement, new research has revealed....Read more
Retirement Planning
1 in 2 Aussies feels unsure about their retirement
With the majority of Australians concerned about their financial future, a superannuation provider has shared six tips to help Australians take control of their retirement planning. ...Read more
Retirement Planning
5 tips for a financially healthy retirement
While it is never too early to start planning for your retirement, it is also never too late, with just five simple steps enough to make a big difference to your financial position and ensure you have...Read more
Retirement Planning
PM unveils $452m funding package following ‘harrowing review’
The federal government has announced that it will spend almost half a billion dollars on immediate measures to help overhaul the aged care sector following the release of the aged care royal commissio...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
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
