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February 2016
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February 2016
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Young Australian Workers May Not Retire When Expected

Wednesday, February 24, 2016

In Australia, it’s estimated that two-thirds of workers early in their career expect to retire around the age of 52—a full 15 years before the Australian government considers them eligible. Across all age groups in the country, the expectation of having a job for life has been dwindling. A new survey conducted by Deloitte Access Economics, which surveyed 1,400 workers of all ages across the country in a variety of professions, found that this growing expectation of an early retirement might not be entirely based in reality. A report of the survey’s findings states that this confidence despite the global financial crisis is creating unrealistic expectations in the workforce, particularly among young people with less than five years of experience. “Our survey shows that, on average, early career employees think they will retire at the age of 52," the report states. "Given the increasing costs of retirement, the smaller workforce and pressure on government budgets, this seems untenable. Policy makers may need to adjust the expectations of younger workers to this reality."

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