‘Prepared for the reality': Young Aussies expect to work until their 70s
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.'
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