As they have dictated changes in perceptions and understandings for many decades, Baby Boomers continue rewriting the book on retirement and work.
JWT Mature Market Group (MMG), in partnership with ThirdAge Inc. recently conducted an online survey of 1,680 adults 40+ years of age who currently work full- or part-time for pay.
« We based this study about workforce and retirement on the results reported in the MMG authored white paper issued earlier this year, titledTapping the Mature Workforce II: Working to Live/Living to Work, » stated Sharon Whiteley, President/CEO, ThirdAge Inc.
Not surprisingly, the results of the new survey concurred with the findings reported in the MMG white paper. « Our original research in 2002 showed that the aging workforce would not be retiring en masse, as predicted, creating a catastrophic labor shortage, » added Lori Bitter, Partner, JWT Mature Market Group. « Rather, the mature workforce will transform the workplace for generations to come. »
Working: The New Retirement
Based on responses, the definition of fully retired has evolved to mean working in some capacity. Of the 42% who said they plan to fully retire, 70% planned to work full-time or part-time. The overwhelming reason to work was not based on need to pay bills, but rather for personal fulfillment.
The top reasons stated for working were to stay mentally active, be productive or useful, stay physically active, be around people and keep learning new things.
Some differences were noticeable by age and income, with single women and low-income groups choosing to work to pay for living expenses and health insurance/benefits.
Those retirees choosing to continue to work tended to find their contributions valued by their companies and their work proved meaningful for their fulfillment. Fifty-eight percent of older workers, 65+, say their contributions are valued by their employers.
When asked about their job situation, 44% of respondents said their job was personally rewarding, 30% said their job paid the bills, and 26% said they have had their job for a long period of time and it’s what they do.
The job situation selections correlated to income and age with higher income earners more likely saying it is personally rewarding. Lower income earners were more likely to say it pays the bills. And 63% of those 65+ find their job personally rewarding versus only 35% of 40-54 year olds.
Caregiving versus Breadwinning
Respondents also state that employers are more supportive of women taking time off for personal situations such as caregiving, reinforcing the stereotype. Men, particularly married men, are less comfortable than women in taking time off for personal situations.
Married women feel they get the most flexibility. Married men the least from an employer or supervisor, playing into the « breadwinner » stereotype. Married men are more likely to report that they lost their job or had to find another job as a result of this personal situation.
What it all means?
Most 40+ still plan to work in some capacity after retirement. This is especially true for skilled workers with higher education. Older workers are more likely to be self-employed. They continue to work for personal fulfillment with age and gender stereotypes applying even later in life.
ThirdAge Inc. is a leading online media, research and marketing company serving today’s dynamic population of leading edge Baby Boomers and over 40 set as well as the marketers who want to build a relationship with them.
JWT Mature Market Group, is the premier integrated marketing firm specializing in reaching consumers ages 45+. Providing results-driven strategy and execution, MMG excels at helping clients build profitable and lasting relationships with mature consumers, the fastest growing and most financially powerful segment in the country.
SOURCE JWT Mature Market Group
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