Prime Minister John Howard and Opposition Leader Mark Latham both identified the importance of the older vote as they headed into the second consecutive election where Australians in the 18-44 years bracket were in the minority.
The nation’s population has aged steadily throughout this century, with the median age reaching a low of 27.5 years in 1971 and rising to 34.3 years by 1997. As the youngest of Australia’s baby boomers turn 65 in 2031, the median age is expected to reach 42-43 years. By that stage, the percentage of the population aged 65 years or older is expected to increase to 22%, compared with 12% in 1997.
This brings a whole collection of issues for governments and businesses. While there are welfare pressures to deal with, there are also workplace issues that will impact on employees throughout any business.
In a previous Rewards article, we reported that re-training and redundancy were central issues facing many Australians in top corporate positions, with thousands of people reconsidering their work options every year due to changing job requirements and corporate downsizing.
In particular, older workers have to face the prospect of being managed by a younger boss. This trend is set to increase as job opportunities for older people continue to be restricted by ongoing economic restructuring and technological change.
A greater number of older people are also choosing to update their skills and achieve new qualifications in order to generate a career change. They are becoming a significant force in the labour market which has implications for both employers and the education sector.
Whether you are actively seeking a new career, or hedging against redundancy, there are many things you can do to ensure you are prepared to become an ageing worker: