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The Process of Participation and Phased Retirement: Evidence from Mature-Aged Workers in Australia Jacqueline M. Drew & Michael E. Drew School of Economics.

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Presentation on theme: "The Process of Participation and Phased Retirement: Evidence from Mature-Aged Workers in Australia Jacqueline M. Drew & Michael E. Drew School of Economics."— Presentation transcript:

1 The Process of Participation and Phased Retirement: Evidence from Mature-Aged Workers in Australia Jacqueline M. Drew & Michael E. Drew School of Economics and Finance Faculty of Business Queensland University of Technology Thursday, 17 th May, 2007 Productive Ageing Forum

2 1. Aims of the Study The current study examines the participation and phased retirement decisions of mature-aged workers in the Australian labour market. Despite increasing interest in understanding the factors involved in the decision of mature-aged workers (defined in this study as workers 50+ years of age) to participate or withdraw from the labour market, a number of key questions remain unanswered. The specific aims of the current study are captured within the following three research questions: 1.To identify how to increase the participation of mature- aged workers in the labour market; 2.To identify barriers to participation; and, 3.To identify the costs and benefits, price and non-price, to engaging mature-aged workers from the perspective of the employee (supply-side) and employer (demand-side).

3 SEM 1: Participation 1.Pre-retire income 2.Source of current income 3.Pre-retire income satisfaction 4.Pre-retire economic well-being 5.Planning for retirement 6.Organisational programs 7.Stereotypes of older workers 8.Organisational commitment 9.Job satisfaction 10.Work centrality 11.Attitudes towards retirement 12.Pre-retire health status Economic Psychological 1. Multiple Group SEM of Participation (Not- retired/retired) Male/Female Age cohorts

4 SEM 2: Phased Retirement 13.Voluntariness of retirement 14.Post-retire. econ. well-being 15.Pre-retirement prep. outcomes 16.Spousal relationships 17.Retirement concerns 18.Satisfaction with retirement 19.Retirement Adjustment 20.Post-retirement health status Economic Psychological 2. SEM of Phased Retirement (Retired only) Male/Female Age cohorts The SEMs are estimated with EQS Version 6.1, using maximum likelihood as the estimation method.

5 4. Methodology The current study involved two key phases of data collection. Data was collected from a large sample of individual respondents, with a target population of individuals aged between 50 and 65 years of age –3,000 surveyed, response rate 31% The second phase involved a sample of government and non-government organisations operating on a state, national and international basis –60 surveyed, response rate 68%

6 17 Key Findings 1. Inverse relationship between economic well-being and participation 2. Participation, policy distortions and the replacement ratio 3. Job search strategies and participation 4. Consumer preferences, participation and psychology 5. The positive relationship between stereotypes and participation 6. The positive relationship between organisational programs and participation 7. Targeted strategies for female mature-aged workers and participation 8. The barrier of economic status

7 9. Emphasis on financial planning for retirement as a barrier 10. Stereotypes and the barrier of perception 11. Employment type barriers to phased retirement 12. Recruitment barriers for mature-aged workers 13. Organisational benefit of implementing mature- aged worker programs 14. Program costing and administration 15. Managing higher employment costs of mature- aged workers 16. Individual economic well-being as a benefit 17. Individual benefits related to psychological well- being

8 Multiple Group Model of Mature-aged Worker Participation for the Not Retired/Retired Group – Final Model

9 Full Model of the Phased Retirement Process for the Retired Group – Final Model

10 Acknowledgements This study was made possible by the financial support from the National Seniors Productive Ageing Centre (NSPAC) and the Queensland University of Technology (QUT). The contribution of the Australian Government, Department of Health and Ageing (DHA) is also gratefully acknowledged. We thank Peter Cassematis (Griffith University, GU) and Robert Bianchi (QUT) for invaluable research assistance throughout the project and Dr Stephen Cox (QUT) for technical advice. We acknowledge the contribution of members of the Project Steering Committee (and NSPAC Research Advisory Committee members), David Deans and Lyn Moorfoot (National Seniors, NS), members of the NSPAC Research Advisory Committee, Professor Margaret Steinberg AM (Chair) (QUT), Kevin Vassarotti (DHA) and Don Maconachie (University of the Sunshine Coast, USC). The research has also benefited from discussions with Professor Philip Taylor (University of Cambridge) and Professor Allan Layton (QUT). We thank Juanita Mottram and colleagues (NS) for assistance in the collation of the survey responses and the team of fifteen data entry assistants (honours and doctoral students) from the School of Economics and Finance (QUT) for their efforts. Finally, and most importantly, we thank those individuals (members of the NS) and organisations throughout Australia that generously gave of their time to participate in the study. The opinions expressed are those of the authors and are not necessarily held by the DHA, GU, NS, NSPAC, QUT or USC. Any remaining errors are also the authors responsibility. Drew, Jacqueline M., and Michael E. Drew, 2005, The Process of Participation and Phased Retirement: Evidence from Mature Aged Workers in Australia, Brisbane: Post Pressed, [ISBN ].

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