Boomers hit hard financially
The Global Financial Crisis (GFC) has hit Baby Boomers hard – particularly older single women in poor health and on lower incomes. New research released yesterday (Monday, 5 March 2012) revealed this group were among the ‘worst off’ of the 5.5 million people born between 1946 and 1965.
The Global Financial Crisis (GFC) has hit Baby Boomers hard – particularly older single women in poor health and on lower incomes.
New research released yesterday (Monday, 5 March 2012) revealed this group were among the ‘worst off’ of the 5.5 million people born between 1946 and 1965, with many of the eldest already retired.
Baby boomers’ expectations were surveyed by lobby group for the over 50s, National Seniors Australia, through its Productive Ageing Centre.
Researchers found the 40% of survey participants rated themselves as “worse off” after the onset of the GFC in late 2007, despite Australia “weathering the financial storm” better than most other countries.
Of those living alone, a total of 45% of women reported being negatively affected by the GFC, compared to 38% of men.
Socio-economic status, health and age also played a big part in Boomers’ financial security.
About half those still working stated they had been affected by the GFC and would delay their retirement, compared with 27% who rated themselves ‘financially secure’.
Those who were already retired, and whose health did not permit a return to work, had no choice but to cut spending and wait until economic conditions improved, along with their incomes.
National Seniors’ chief executive, Michael O’Neill, said baby boomers were a resilient group who should be encouraged to keep working and stay healthy and active.
“Baby boomers applying for jobs are disadvantaged by ageism and negative attitudes still held by many employers,” he said.
According to Mr O’Neill, policies needed to be in place that “counter these attitudes” and invest in “options and reliable advice” to allow both baby boomers and the government to “better cope with any future financial crises”.
