Over-50s workers face ageism as financial pressures mount
LOS ANGELES: A major survey has shattered the ‘rich Boomer’ myth, revealing one in four older Australians live in poverty because of ageism in the workplace. But some older Australians have found a workaround.
Older Australians are experiencing ageism in the workplace, as more over 50s feel the pressure to work full-time for longer to pay off their mortgage.
COTA Australia’s State of the Older Nation’s fourth biennial report, which surveyed more than 2800 older people, also exposes the ‘rich Boomer’ stereotype as false, with one in four living in poverty.
The survey found 36 per cent of older Australians have less than $100,000 in combined savings and investments, with one in five having less than $10,000.
The number of people over 50 who are working full-time rose from 17 per cent in 2018 to 22 per cent in 2025.
The number of 50 to 66-year-olds still in the workforce – including working full-time, part-time, casual, self-employed and owning their own business – increased from 53 per cent to 65 per cent over the same period.
More than one in seven retirees, those aged 67 plus, are in paid work.
The results give an insight into how older Australians feel about their health and wealth. And, while there are concerns around affordability of aged care and housing, 76 per cent rated their quality of life at seven or higher out of 10, a significant increase on the last two surveys which spanned Covid.
However, among the more concerning findings was age discrimination.
The survey showed that almost four in 10 had experienced one or more forms of ageism since turning 50. Around 27 per cent said they had experienced ageism at work, and 19 per cent said it happened in other settings.
COTA CEO Patricia Sparrow said that people who stepped out of the workforce for health reasons, including women struggling with the menopause, or to look after a family member, or due to retrenchment, then struggled to get another job.
“One in three retire earlier than planned,” Ms Sparrow said. “And it’s most often health and medical conditions that lead to earlier retirement or redundancy and job loss. And then they find it really difficult to get back into the system.”
Once out of work, 36 per cent don’t return, because they’re worried about discrimination.
“It’s a significant deterrent to re-entering the workforce with many people feeling that employers view older workers as difficult to train or difficult to promote,” Ms Sparrow said.
Nan Berrett, 76, retired early from journalism at 63, before starting her own business doing media communications and business mentorship.
She has no plans to exit the workforce anytime soon.
“When I left my job I was fully aware that I was unemployable because of my age,” Ms Berrett, from Clare Valley, South Australia, said.
“But then I was offered some consultancy work.”
Later she decided to set up as a business mentor and has helped many older people start their own businesses.
She said her oldest client was a woman aged 80.
“When you’re older, it’s harder to get another job because there’s a desire to employ young people,” Ms Berrett said.
“That’s why people are starting their own businesses, to fill that financial gap.”
Finances were a concern for those surveyed. Just 28 per cent of over 50s were classified as wealthy, while a quarter live in poverty.
The remaining group say they don’t feel wealthy or poor.
Renters, women, and those with a disability, or those living alone were most likely to be in poverty.