The financial fitness of an ageing workforce can no longer be ignored.
Workers over 55 are under very different financial pressures to their younger colleagues. Despite baby boomers being more likely to score as financially fit or super fit in Map My Plan’s Financial Fitness Index, 59% still felt concerned they wouldn’t be able to retire when they wanted to – and 69% were worried about government changes to super.
A 2017 survey found 42% of Australians only pay their retirement savings balance any attention in their 50s – and they have less time to make up any shortfalls.
When you add these concerns to other known factors – including the super balance gap between men and women, age discrimination, and the pressures facing the ‘sandwich generation’ who may be supporting teenagers and elderly parents at the same time, it’s no surprise mature-age workers are under financial stress at work. And across all age groups, employees are losing 9.6% of productive working hours to personal financial worries.
With all these issues in mind, workplace financial wellbeing programs can play a crucial role in attracting, retaining and engaging older employees – and ensuring they remain productive and healthy at work.