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A survey of 1,000 working seniors (age 65 or older) in the United States has revealed that many fear the consequences of aging in the workplace.
One in three say they’ve experienced “ageism,” and an additional 36% are concerned about being laid off because of their age. More so, for 44% of working seniors, mental or physical limitations have prevented them from completing professional tasks.
However, for many, working into their late sixties and seventies is a financial necessity, according to a new survey by Provision Living. In fact, the study explored the reasons for seniors to continue working in two categories – financial reasons and personal reasons.
Among the financial reasons, 37% said that they simply can’t afford retirement. Another 23% said that they are supporting a family, while just under one in five (19%) said they are paying off debt.
Meanwhile, among the reasons on the personal front, a majority (45%) said they still enjoy working. Another 18% said they are working out of boredom, while 16% said they enjoy their job but prefer to work part-time.
So, what’s the outlook for seniors still in the workforce? Well, it appears they aren’t quite ready to leave their desks. According to respondents, the average age working seniors think they’ll retire won’t be until they’re 72.
While this study was conducted in the US, the issue is pertinent to Asia, where workforces continue to move to the senior side of the spectrum. Have a look at the following supplemental stories to read more on ageing in Asia, and how companies and governments are preparing for a mature workforce:
- 49% of Malaysians are not optimistic about ageing: How can HR help?
- Thailand has among the highest risks of automation to its older workers globally
- Mature workers in Southeast Asia look for support from employers
- 6 questions for employers to answer when hiring mature workers
- All 22 recommendations proposed by the Tripartite Workgroup on Older Workers
Photo / StockUnlimited