Retirement
Am I too old to upskill? Experts weigh in
With automation set to fuel the Australian gig economy, older Aussies are feeling insecure about not only their jobs, but also future upskilling requirements, a new project highlights.
Am I too old to upskill? Experts weigh in
With automation set to fuel the Australian gig economy, older Aussies are feeling insecure about not only their jobs, but also future upskilling requirements, a new project highlights.
The What’s the Future, Australia? or #WTFAustralia is a nationwide ideas project “focused on creating positive change”.
One pillar of this project is to consider with the future of work.
According to the Australian Futures Project, the team behind #WTFAustralia, “Computers will not only reshape workers but also work itself.”
This prediction has prompted a 58-year-old Australian to ask: “What do you think us old folks should do about this phenomenon? I'm already 58 and am likely to be working longer than ever. I am too old to learn IT skills. What are my options??”
The 58-year-old’s question was highlighted as one for consideration and triggered responses from four experts.
Jim Stanford, The Australia Institute
Dr Jim Stanford, economist and director of the Centre for Future Work, which is situated within The Australia Institute, said that the questioner’s situation is “unfortunately… typical of many experienced workers today”.
“They are being pushed to work longer in life (both by policy changes, like the later retirement age, and by financial compulsion), but their jobs are made insecure by restructuring, technology, globalisation, and more,” he explained.
As individuals, workers can do their best to build networks, “advertise the value” of their experience and seek out ways to apply their skills in new settings, but even so, he argued that the problem will “require a collective solution at the macro level”.
Such a solution includes: “More emphasis on job creation (so employers will be pushed to hire both older and younger workers), supports for training and relocation, and supporting early retirement for workers displaced by change instead of requiring people to work longer.”
Maggie Hill, Foundation for Young Australians
“There's a few ways you could think about this!” Ms Hill offered.
Older workers concerned that their industry is shrinking due to automation could consider how or whether their skills can be transferred to different jobs or industries.
“It's also worth noting that IT skills aren't the only skills that will be useful in our changing world of work. Enterprise skills, like communication, critical thinking, collaboration and digital literacy are increasingly important.”
She suggested: “Maybe think about which of these skills you're already using and how you can continue to develop them.”
Fiona McKenzie, Australian Futures Project
Ms McKenzie, as part of the team driving the project said it’s important to not be intimidated and recognise that “it is never too late”.
“Most IT skills are ‘intuitive’ and just take a little practice. Lifelong learning and the ability to keep reinventing yourself is important.”
She added that career planning is not only “crucial” for graduates but also for those in mid-life and late-life careers. Older workers can also consider entrepreneurship, she continued.
“Senior (over 55s) entrepreneurs are Australia's fastest-growing segment of entrepreneurs. This is by a mix of necessity and choice where people are taking back control of their working life by starting their own business.
“In terms of employment and skills, there are a range of incentives available. [For example], restart is a government program with a financial incentive of up to $10,000 available to encourage businesses to hire and retain mature age employees who are 50 years of age and over.”
Nigel Dalton, REA Group
The CEO at real estate company, REA Group, disagreed with the questioner’s sentiment.
Explaining his diverging opinion, Mr Dalton said: “My key value comes from what I have learned in the last 12 months, not the last 35 years of work. I am as good as the next person who has focused on the latest tech and work developments for the last few years.”
He continued: “You need a 20-year-old mentor, and start with a tablet computer using Instagram to send the modern equivalent of old-fashioned postcards to friends and family.
“My 84-year-old Dad can manage it, so dive in!”
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