Since the GFC, there has been a 40% increase in the number of workers aged 60 and over, according to ABS statistics on the Australian labour market.
The bureau's data tracks changes in Australia's labour market after the global financial crisis. There are now more workers aged over 55 than under 25, and there are more than a million workers aged 60 and over - almost 300,000 or 40 per cent more than five years ago.
There are now many more older women in the workforce, reflecting changing expectations and patterns of workforce participation.
There is little doubt that the economic uncertainty created by the GFC and the consequent fall in superannuation balances and the housing market has led to more people staying in the workforce for longer, to rebuild their finances and secure their standard of living in the face of a longer life expectancy.
Working or not, downsizing remains a good option for seniors to pay down debt and/or free up cash and move to a lower maintenance home more suited to ageing in place for as long as possible. With recent improvements in the housing market many seniors are now more confident about selling their home and downsizing, even if they do continue to work full or part time. Many retirement village residents continue to work, and find they are better prepared for the transition to retirement later on, without the disruption and stress of moving house at the same time. (And see other news articles related to seniors downsizing).