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Older workers optimistic about staying in workforce

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Many older workers want to stay in the workforce and are becoming increasingly confident they will, according to a new survey.

The latest Older Workers Report from the Financial Services Council (FSC) and Commonwealth Bank shows 71% have no concerns about staying at work.

FSC CEO Sally Loane says retirement at 60 “is beginning to seem redundant”, and one in three 60-64-year-olds expect to work for another five years.

Of the 500 people surveyed by KREAB Research, 38% cite financial security as the main reason to keep working, while another 23% do not have enough money to retire on.

Half say there are no barriers to remaining in the workforce past the age of 50, but 19% cite health as a barrier and 7% say lack of jobs.

The research shows attitudes towards older workers are changing.

“The good news is age discrimination towards older workers has more than halved to 13% [of respondents claiming to be victims] in this year’s survey, compared with 28% in 2012,” Ms Loane said. Only 5% of respondents list age discrimination as a barrier to employment.

But among people who have been made redundant, 27% have found it very difficult to get another job and 16% quite difficult.

Interviewees were aged 50-75, with 62% in paid employment or self-employed and one-quarter retired.