Ageing in Australia: The Challenges of Employment and Financial Stability

While the title of this blog is "Ageing in Australia," we've been discussing a range of topics that may not seem immediately related to the experiences of older Australians. However, it's important to recognize that ageing doesn't happen in a vacuum. Our financial, employment, and social circumstances throughout our lives can all have an impact on our wellbeing in later years. As such, it's important to consider these issues in the context of ageing in Australia, and to explore how we can support older Australians in navigating these challenges.

As people age in Australia, there are a number of means of accrued income they may have available to them. These can include superannuation, savings, investments, and other assets that have been accumulated over the course of their working lives. For many, superannuation is a key component of their retirement income, with contributions made by both the individual and their employer over the course of their working life. However, some individuals may not have been able to accumulate a significant amount of superannuation or savings, and may rely on government support such as the Age Pension to make ends meet.

Furthermore, the reality is that over the years, some employers have taken advantage of the unemployment situation and offered people cash-in-hand work without paying their taxes, resulting in some individuals having no accrued superannuation even though they have been working. This has also been observed in trades where young apprentices are taken on but not registered for TAFE, thus failing to fulfill the apprenticeship obligations. While this exploitation is not legal, it is a clear indication that not everything that is written on paper reflects the reality of the situation. It raises the question of how, as a society, we have allowed the situation to move from a fair day's work for a fair day's pay to one where people are being exploited. We cannot ignore the role of the government in allowing such practices to take place.

It's heartbreaking to think that many hardworking Australians who have spent their entire lives contributing to society through work are left with little to no savings, superannuation, or investments as they reach retirement age. While some may have fallen victim to exploitative employers who operate under the table, many others have lost their savings due to unforeseeable circumstances such as illness, divorce, or the COVID-19 pandemic. It's important that we, as a society, recognize and address these issues with empathy and compassion. It's not enough to simply say that people should have saved more or planned better; we need to acknowledge the systemic challenges that have contributed to the current state of affairs and work towards creating a more equitable and just system for all.

It's easy to point fingers and assign blame when it comes to individuals who find themselves in a tough financial spot in their retirement years. However, we must remember that not everyone has had the same opportunities or resources to build a nest egg for their future. In some cases, people have been taken advantage of by unscrupulous employers or faced difficult circumstances that forced them to resort to illegal means to make ends meet. Regardless of the reasons, the fact remains that many people find themselves without adequate savings to support themselves in their later years. In such cases, applying for assistance can be a vital lifeline, but navigating the system can be daunting and overwhelming, especially for those who have already been let down by the system in the past. It's important to approach these situations with empathy and understanding, and work towards solutions that can provide a safety net for those in need.

The COVID-19 pandemic has only exacerbated the challenges faced by older Australians in the workforce. While the government advertised assistance for those whose businesses were affected by the lockdowns, the reality is that many older Australians were left struggling to make ends meet. Many found themselves dipping into their savings or superannuation just to get by, while others had to rely on the assistance of family members who were also struggling. To make matters worse, when older Australians did apply for the promised assistance, they were often denied or fined at tax time for allegedly not being entitled to it. And even if they did manage to secure assistance, it was often not enough to make up for the loss of income and savings during the pandemic. With so many people out of work, employers may be hesitant to hire older Australians who are closer to retirement age, leaving them in a difficult and often unfair position. It's important to recognize that the challenges faced by older Australians in the workforce are complex and multifaceted, and require a compassionate and nuanced approach to address.

Furthermore, it's worth noting that the retirement age in Australia was revised from 65 to 67 in recent years, but with the current state of affairs, it's worth questioning if this change should be reconsidered. With so many older Australians struggling to find work, despite having a wealth of experience and skills to offer, is it really fair to expect them to continue job hunting until they're almost 70? And with the added challenges of Covid-19, including health risks and increased competition for jobs, it's important to consider the impact on the mental and physical health of older job seekers. Perhaps it's time for policymakers to revisit the retirement age and offer more support to older Australians who are facing unemployment and financial hardship in their later years.

The mental health impact of unemployment and COVID-19 cannot be ignored. Studies have shown that job loss can lead to increased levels of stress, anxiety, and depression, and that these effects can persist even after employment has been regained. Furthermore, the pandemic has amplified these effects, with many people struggling to cope with the uncertainty and isolation caused by lockdowns and social distancing measures. According to recent statistics, the suicide rate in Australia has been rising steadily over the past decade, with over 3,000 deaths by suicide recorded in 2019. It is likely that the stress and financial hardship caused by unemployment, as well as the disruptions to mental health services caused by the pandemic, have contributed to this trend. We must prioritize mental health support and resources for those who have been affected by unemployment and COVID-19, in order to prevent further harm and help people rebuild their lives.


Australian Bureau of Statistics: https://www.abs.gov.au/statistics/health/mental-health/national-survey-mental-health-and-wellbeing-summary-results/latest-release

Beyond Blue: https://www.beyondblue.org.au/

Black Dog Institute: https://www.blackdoginstitute.org.au/

Lifeline Australia: https://www.lifeline.org.au/

SANE Australia: https://www.sane.org/

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