The stark reality is highlighted by a survey indicating only 7% of Gen Z and 8% of Millennials believe they will achieve retirement. An even grimmer outlook is shared by older Australians, with three in five predicting that younger generations might never cease working. Suhini Wijayasinghe, head of HR solutions at People2People, calls this data a pivotal moment for serious reflection in Australian society.
According to the survey, more than half of young participants foresee extending their working lives to at least 70, with 38% considering working well into their late 70s. This expectation is reinforced by the latest unemployment statistics from the Australian Bureau of Statistics (ABS), which show a steady unemployment rate at 4.1% despite significant labour market growth. With 89,000 new job entrants, the labour force increased by 95,000 individuals, pushing the participation rate up to 67.1%.
Despite this trend toward prolonged employment, about a third of Australians across all generations still hope to retire by 65. However, the prospect of sustained employment for older workers appears increasingly challenging. According to the survey, 90% of Australians believe that hiring near retirement age is rare, with a third asserting that job prospects for those over 65 are nearly nonexistent.
Ms. Wijayasinghe emphasises the imperative need for age-inclusive workplaces, describing it as a strategic necessity in the context of Australia’s ageing population and declining birthrates. She argues that fostering an inclusive environment is crucial, not just for older employees but for economic sustainability. Dismantling ageism and evolving employer perspectives are vital steps towards a genuinely inclusive work culture.
