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72% of older professionals want to continue working

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With today’s employees being happy to work forever, it’s not surprising to see that 72% of older employees are keen to continue working.

Research from the Commonwealth Bank and Financial Services Council found that 61% of the 500 employees aged 50 and above in Australia polled cited financial security as their main reason for wanting to continue to work.

In addition, 15% of them said that they would want to continue working for personal enjoyment.

Another 8% wanted to work for the sense of accomplishment while 6% would continue working for freedom and independence.

The research also found that regardless of their financial situation, 36% of them were very keen to continue to work for as long as they feel willing and able while another 36% said that they were somewhat keen.

Additionally, 71% of respondents said that they didn’t have any concerns about being in the workforce and 49% said that there were no barriers for them to continue working after turning 50.

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So, how long do these older workers want to continue working for?

While most of them (44%) would want to work for an additional one to four years, 27% said that they wanted to work for an additional ten years and 10% would work for another six to nine years. Only 19% of them said that they no longer want to work.

With regards to remuneration, 41% of them said that they expect the same pay as any equivalent or younger employee while 30% expected to be paid slightly more and 11% of them expected a substantially larger paycheck both due to their experience and knowledge.

Among the employees polled, only 31% have applied for a new job at the age of 50 or over. The majority of those who intend to stay in their current role cited job satisfaction as their main reason.

52% of them stayed in their role because they enjoy the position and the organisation while 24% of them stayed as they see it as a means of income. Only 11% said that they were reluctant to leave because of a lack of job prospects.

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