‘Prepared for the reality': Young Aussies expect to work until their 70s
The Boomers are the last generation of Australians who feel semi-confident about being able to retire, with younger people saying they will work until they drop.
New data released by People2People shows only 7 per cent of Gen Z and 8 per cent of Millennials believe they will one day be able to retire.
The outlook is so grim that three in five older Aussies even think young Australians will never be able to stop working, something that the majority of younger Australians agree with.
People2People head of HR solutions Suhini Wijayasinghe says the data should be a wake-up call for Australians.
'Younger generations aren't just adjusting expectations, they're preparing for the reality of working longer,' she said.
Younger Australians are not just expecting to work for longer, they also believe they will be able to work into their 70s.
More than half of the younger Australians asked said they can work until at least 70 while 38 per cent say they can work into their late 70s.
People2People survey data follows the ABS latest seasonable unemployment data which shows the unemployment rate remained at 4.1 per cent despite 89,000 new Aussies finding a job in April.
The addition of 6000 unemployed people meant the labour force grew by 95,000 people and the participation rate rose by 0.3 percentage points to 67.1 per cent.
The participation rate for 35-44 year olds had the largest annual growth, up 1.9 percentage points to 88.3 per cent.
Despite the growing expectation of having to work for longer, around a third of Australians across all generations are still hoping to be able to exit the workforce by the age of 65.
But keeping a job for these young Australians could prove problematic.
According to the survey data nine in 10 Australians believe employers rarely or never higher people near or past retirement with a third saying Australians over 65 have virtually no chance of getting a job.
'We have an ageing population and a declining birthrate,' Ms Wijayasinghe said.
'Inaction on age inclusion isn't just unfair, it's economically unsustainable. Creating age-inclusive workplaces is no longer optional. It's a strategic imperative.
'As the workforce evolves, so must employer mindsets.
'Ending ageism isn't just about ticking boxes, it's about fostering inclusive cultures where employees of all ages can thrive, contribute, and feel genuinely valued.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Perth Now
2 hours ago
- Perth Now
Australians all aboard cruises as holidays soar
The number of Australians setting sail on cruise ships has soared in the past 12 months but fears remain that the local industry could miss out on the full benefits of the boom. Travel blogger Honida Beram is among the 1.32 million Australians who went on a cruise ship in 2024, according to new data from the Cruise Lines International Association. That's a 5.9 per cent jump from 2023 and well above pre-pandemic levels. It's no surprise to Ms Beram, who witnessed interactions with her Cruising With Honey content triple to 900,000 per month in the three years since Australia's cruise industry rebooted following an extended pause at the height of the COVID-19 pandemic. "Cruising has always been a really accessible and no fuss holiday, it's perfect for multigenerational families, it's affordable," Ms Beram said. "You get to see so much in one holiday, unpack once, no mess between travelling between ports." Australians are increasingly choosing shorter trips closer to home, with the average length of a holiday now down to eight days and more than 80 per cent of people staying within Australia, New Zealand and the South Pacific. However, some 18.5 per cent of Australian cruisers took a long-haul flight to get to their cruise, up by more than three per cent in 2023. "The interest has not waned, and it really has increased," Ms Beram said. With almost five per cent of the population setting sail last year, Australia is the fourth largest cruise market behind the United States, Germany and the United Kingdom. There was a 9.3 pre cent jump in cruises globally and a 14 per cent influx in international visitors choosing to cruise the region in 2024, equivalent to an extra quarter of a million foreign tourists. While local cruises are doing well Australia is a tough environment for companies to do business in and there are fears passengers will eventually look elsewhere, according to the association's Australasia managing director Joel Katz. "Australia has become one of the more complicated and expensive destinations in the world for cruise lines to operate in, which is compounded by regulation and rising fees and charges," Mr Katz said. He said companies spent more than $350 million on port fees and charges in Australia last financial year, which were then passed on to customers. "While demand is strong among Australian cruisers, the challenges in this region threaten to make us uncompetitive and impact the number of ships sailing locally," he added. The industry has sought clarity about the Coastal Trading Act and is pushing for streamlined border processes for cruise ships amid a review due back in the second half of the year, hoping that too could help attract more operators. A spokesperson for Transport Minister Catherine King confirmed the impact on the cruise industry is under consideration . Only one company, Carnival, operates year round and Ms Beram understand "astronomically" high port fees in Australia and New Zealand have stopped the expansion of more routes while contributing to other players leaving the market. "Unless you're paying a lot of money, $20,000-$30,000 per person, you won't be seeing the Kimberley or the top end of Australia," she said. "We do have Australian cruise lines that go up there, but again, it's very expensive and cost prohibitive to the average cruiser so I would love to see more cruise ships change their itineraries. "There's only so many times that you can go the South Pacific to the same four or five islands."
West Australian
2 hours ago
- West Australian
TikTok's advertising push as under-16 social media ban looms
TikTok is pushing the app's benefits for teens into as many faces as it can as the under-16 social media ban looms at the end of this year. The social media giant took out sprawling ads in the Australian Financial Review last week, covering 4½ full pages with marketing, promoting the platform's utility for getting teens to read, engage with education and even cast a lure. The newspaper ads, along with a big spend on billboards and bus shelters, comes as the under-16 social media ban is just six months away. Advertisements in the May 26 edition of the AFR claim TikTok serves up 10 million videos in its science, technology, engineering, and maths feed. Another of the full-page ads extols the benefits of the massively popular 'bookTok' – TikTok's literary community. The third subject-specific ad claims Australian teenagers are 'getting outside', inspired by the platform's fishing content. A TikTok Australia spokesman said the company had also invested in billboard and bus shelter ads recently but was unable to provide numbers or details. In six months', any Australian under the age of 16 will be banned from all social media; YouTube has been granted an exemption on educational grounds, drawing the ire of the other platforms. How the social media ban will work is still up in the air. The federal government has been sitting on a report since January concerning Australians' attitudes toward age assurance technologies. A British company has been tasked with trialling which technologies could be used to implement the world first, under-16 ban. On Friday, that UK firm revealed a report on its findings had been pushed back to July.
West Australian
2 hours ago
- West Australian
Australians all aboard cruises as holidays soar
The number of Australians setting sail on cruise ships has soared in the past 12 months but fears remain that the local industry could miss out on the full benefits of the boom. Travel blogger Honida Beram is among the 1.32 million Australians who went on a cruise ship in 2024, according to new data from the Cruise Lines International Association. That's a 5.9 per cent jump from 2023 and well above pre-pandemic levels. It's no surprise to Ms Beram, who witnessed interactions with her Cruising With Honey content triple to 900,000 per month in the three years since Australia's cruise industry rebooted following an extended pause at the height of the COVID-19 pandemic. "Cruising has always been a really accessible and no fuss holiday, it's perfect for multigenerational families, it's affordable," Ms Beram said. "You get to see so much in one holiday, unpack once, no mess between travelling between ports." Australians are increasingly choosing shorter trips closer to home, with the average length of a holiday now down to eight days and more than 80 per cent of people staying within Australia, New Zealand and the South Pacific. However, some 18.5 per cent of Australian cruisers took a long-haul flight to get to their cruise, up by more than three per cent in 2023. "The interest has not waned, and it really has increased," Ms Beram said. With almost five per cent of the population setting sail last year, Australia is the fourth largest cruise market behind the United States, Germany and the United Kingdom. There was a 9.3 pre cent jump in cruises globally and a 14 per cent influx in international visitors choosing to cruise the region in 2024, equivalent to an extra quarter of a million foreign tourists. While local cruises are doing well Australia is a tough environment for companies to do business in and there are fears passengers will eventually look elsewhere, according to the association's Australasia managing director Joel Katz. "Australia has become one of the more complicated and expensive destinations in the world for cruise lines to operate in, which is compounded by regulation and rising fees and charges," Mr Katz said. He said companies spent more than $350 million on port fees and charges in Australia last financial year, which were then passed on to customers. "While demand is strong among Australian cruisers, the challenges in this region threaten to make us uncompetitive and impact the number of ships sailing locally," he added. The industry has sought clarity about the Coastal Trading Act and is pushing for streamlined border processes for cruise ships amid a review due back in the second half of the year, hoping that too could help attract more operators. A spokesperson for Transport Minister Catherine King confirmed the impact on the cruise industry is under consideration . Only one company, Carnival, operates year round and Ms Beram understand "astronomically" high port fees in Australia and New Zealand have stopped the expansion of more routes while contributing to other players leaving the market. "Unless you're paying a lot of money, $20,000-$30,000 per person, you won't be seeing the Kimberley or the top end of Australia," she said. "We do have Australian cruise lines that go up there, but again, it's very expensive and cost prohibitive to the average cruiser so I would love to see more cruise ships change their itineraries. "There's only so many times that you can go the South Pacific to the same four or five islands."
