Associate Professor Anne Taylor, The University of Adelaide, South Australia. Retirement intentions of the working Baby Boomers

Transcription

1 Associate Professor Anne Taylor, The University of Adelaide, South Australia Retirement intentions of the working Baby Boomers

2 Outline Background Methods Results Conclusion Acknowledgements University of Adelaide 2

3 Background Baby Boomers are reaching retirement age Country facing demographic transformation Retirees outnumber new entrants to labour force Loss of skilled and experienced workers Effect on economic growth and income from taxation Financial burden Pensions Social security benefits Impact on health system Increased medical services and intervention Baby Boomers ( ) University of Adelaide 3

4 Background 1970s-1980s Government policies Early retirement promoted to lesson the burden of the over-supply of workers University of Adelaide 4

5 Background Current - Government initiatives aimed at encouraging baby boomers to remain in the workforce Age discrimination laws Removing compulsory retirement age Raising pension eligibility Encouraging increased personal saving Planning for retirement University of Adelaide 5

6 Background Additional policies Encouraging gradual transition to retirement Financial incentives for companies who hire older employees University of Adelaide 6

7 Background Average age for retirement in Australia for people aged 45+ years 53.8 years 58.5 years for men and 50.5 years for women University of Adelaide 7

8 Background Research shown early retirement is both voluntary and forced Influenced by Ill-health Lack of job satisfaction Adequate financial resources University of Adelaide 8

9 Study Examine the retirement intentions of a sample of Australian year olds University of Adelaide 9

10 Methods The study is based on a cohort of South Australian baby boomers Drawn from the North West Adelaide Health Study (NWAHS); and Florey Adelaide Male Ageing Study (FAMAS) Data collected using Computer Assisted Telephone Interviewing (CATI) Data collected during October and November interviews completed (mean age 56.9 years) Participation rate 93.0% Response rate 87.5% University of Adelaide 10

11 Methods analysis sample NOBLE II Stage 1 CATI n = 1642 Respondents aged 50 to 65 years Working full-time, part-time, casual or self-employed and had been in the workforce for the previous five years n=897 Excluded Did not know their retirement intention n=85 Analysis sample n = 812 University of Adelaide 11

12 Methods data items Retirement plan Do you plan to: Retire completely? Retire from full time work but work part time? Continue to work part time but reduce hours? Never retire? Demographics Highest education level Marital status Annual household income Financial status Household structure Saving habits University of Adelaide 12

13 Methods data items Work related Current occupation Employment status Type of workplace Job security Work from home Work life balance Health related Smoking status Physical activity Body mass index (BMI) Vegetable consumption Fruit consumption Sleep Self-report health (SF-1) Overall life satisfaction Psychological distress (K10) University of Adelaide 13

14 Methods Statistical analyses Data weighted by sex, age, postcode and probability of selection in the household to the ABS Estimated Residential Population for the NW Adelaide regions for year olds Uni-variable analyses - chi-square (χ 2 ) tests Multi-variable analyses logistic regression modelling University of Adelaide 14

15 Results Retirement intentions 25.9% (n=210) indicated that they intend to retire completely from the workforce 74.1% (n=602) indicated that they will continue to work in some capacity 41.8% retire from full-time work but work part-time 25.7% continue working part-time but reduce their current hours 6.7% never retire from workforce University of Adelaide 15

16 Results demographic factors Table 1: Univariable analysis of demographic variables associated with the intention to completely retire from the workforce for Baby Boomers aged 50+ Sex Male 87/ n/n % OR (95% OR) p value Female 123/ ( ) Education Bachelor degree or higher 23/ Certificate/Diploma 40/ ( ) Trade/apprenticeship 35/ ( ) No schooling to secondary 95/ ( ) <0.001 Description of saving habits Don't save 21/ Save 189/ ( ) Overall 210/ University of Adelaide 16

17 Results work related variables Table 2: Univariable analysis of work related variables associated with the intention to completely retire from the workforce for Baby Boomers aged 50+ Current employment status Full-time employee 111/ n/n % OR (95% OR) p value Part-time employee 64/ ( ) Casual or temporary 18/ ( ) Self-employed 17/ ( ) <0.001 Occupation Managers/ Professionals 60/ Technicians/Trades Workers 18/ ( ) Community and Personal Service Workers/Clerical and Administrative Workers 64/ ( ) Sales Workers 28/ ( ) <0.001 Machinery Operators and Drivers/Labourers 40/ ( ) Overall 210/ University of Adelaide 17

18 Results work related variables Table 2: Univariable analysis of work related variables associated with the intention to completely retire from the workforce for Baby Boomers aged 50+ continued Number of hours work per week 40 or less hours 163/ n/n % OR (95% OR) p value More than 40 hours 48/ ( ) How much thought about own retirement A lot 124/ Moderately 59/ ( ) <0.001 Not at all 28/ ( ) Have the possibility to work from home Yes 34/ No 176/ ( ) Overall 210/ University of Adelaide 18

19 Results health related variables Table 3: Univariable analysis of health related variables associated with the intention to completely retire from the workforce for Baby Boomers aged 50+ General satisfaction with life Dissatisfied, not sure 29/ n/n % OR (95% OR) p value Satisfied 181/ ( ) Psychological Distress No psychological distress 190/ Psychological distress 21/ ( ) BMI Underweight, Normal 53/ Overweight 71/ ( ) Obese 62/ ( ) Overall 210/ University of Adelaide 19

20 Results multi-variables Table 4: Multivarible analysis of variables associated with the intention to completely retire from the workforce for Baby Boomers aged 50+ Education Bachelor degree or higher 1.00 OR (95% OR) p value Certificate/Diploma 1.64 ( ) Trade/apprenticeship 2.35 ( ) No schooling to secondary 3.08 ( ) <0.001 Description of saving habits Don't save 1.00 Save 1.89 ( ) Current employment status^ Full-time employee 1.00 Part-time employee 0.94 ( ) Casual or temporary 1.11 ( ) Self-employed 0.30 ( ) <0.001 University of Adelaide 20

21 Results multi-variables Table 4: MULTIVARIABLE ANALYSIS of variables associated with the intention to completely retire from the workforce for Baby Boomers aged 50+ Continued OR (95% OR) p value Occupation Managers/ Professionals 1.00 Technicians/Trades Workers 0.77 ( ) Community and Personal Service Workers/Clerical and Administrative Workers 0.82 ( ) Sales Workers 2.26 ( ) Machinery Operators and Drivers/Labourers 1.51 ( ) How much thought about own retirement A lot 1.00 Moderately 0.37 ( ) <0.001 Not at all 0.89 ( ) University of Adelaide 21

22 Conclusion A large number of Baby Boomers who will be happy to work part-time or never retire These intentions can be modified by Ill health Change in satisfaction with work Finances Not in final multi-variable model Health SF1 used Study limited to those working unhealthy may of already retired; study excluded home duties/unemployed Risk factors Household income/financial security (although saving was included) No measure of wealth University of Adelaide 22

23 Conclusion Policies and continued dialogue aimed at making the workplace a safe, flexible and welcoming environment to accommodate the wish of Baby Boomers to continue working part time or never retire, and to entice others to take up this option over complete withdrawal from the labour force, is required. University of Adelaide 23

24 Contact information Associate Professor Anne Taylor BA MPH PhD Head Population Research and Outcome Studies Discipline of Medicine The University of Adelaide, South Australia ( L3, 122 Frome Street ADELAIDE SA 5005) anne.taylor@adelaide.edu.au Ph: health.adelaide.edu.au/pros