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Productive Ageing Forum

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1 Productive Ageing Forum
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, 17th 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: To identify how to increase the participation of mature-aged workers in the labour market; To identify barriers to participation; and, 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 Pre-retire income Source of current income
Pre-retire income satisfaction Pre-retire economic well-being Planning for retirement Organisational programs Stereotypes of older workers Organisational commitment Job satisfaction Work centrality Attitudes towards retirement Pre-retire health status 1. Multiple Group SEM of Participation (Not-retired/retired) Economic Psychological Male/Female Age cohorts

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

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 Inverse relationship between economic well-being and participation Participation, policy distortions and the replacement ratio Job search strategies and participation Consumer preferences, participation and psychology The positive relationship between stereotypes and participation The positive relationship between organisational programs and participation Targeted strategies for female mature-aged workers and participation The barrier of economic status

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

8 Multiple Group Model of Mature-aged Worker Participation for the Not Retired/Retired Group – Final Model Pre - Retirement Health Status Stereotypes of Older Workers Retirement Economic Well Being Attitudes to Retirement Org Programs for Older Personal Organisational Attitudes Commitment Job Satisfaction Work Centrality Plans for Retirement 0.15*/0.13* 0.20*/0.18* 0.77*/0.78* 0.73*/0.71* 0.78*/0.74* 0.06*/0.09* 0.02/0.17* 0.17*/0.17* 0.07*/ 0.08* 0.36*/ 0.34* Not Retired Beta Weight/ Retired Beta Weights Greater concerns with economic well being is predictive of less positive attitudes to retirement More positive org attitudes are predictive of less positive More positive stereotypes are predictive of more positive org attitudes Greater availability of org Progarms is predictive of more Positive personal org attitudes of more positive attitudes to retirement (retired grp only) Programs

9 Full Model of the Phased Retirement Process for the Retired Group – Final Model
Pre - Retirement Health Status Plans for Retirement Stereotypes of Older Workers Retirement Economic Well Being Post Attitudes to Retirement Org Programs for Older Personal Organisational Attitudes Commitment Job Satisfaction Work Centrality Concerns Spousal Relationships Prep. Outcomes Adjustment Satisfaction with Voluntariness of 0.18* 0.19* 0.78* 0.69* 0.73* 0.75* 0.11* 0.14* 0.08 0.00 0.05 0.30* 0.25* 0.21* 0.79* 0.06 0.17* 0.29* 0.10 0.04 0.24* 0.28* 0.82* 0.90* 0.42* 0.68*

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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