Impact of the global financial crisis on employed Australian baby boomers: A national survey

Abstract

AIM: This paper examines the impact of the global financial crisis (GFC) on employed Australian baby boomers. METHODS: A nationally representative sample of 1009 boomers aged 50-64 years completed a survey by telephone interview mid 2009. RESULTS: Compared with 1 year ago, 38.9% of working boomers reported being financially worse off and this was more so for women (42.4%) than men (35.6%). Following the GFC, 41.4% of women and 31.9% of men had decided to postpone their retirement plans. CONCLUSION: The GFC is affecting the retirement preparations and plans of Australia's baby boomers. Policy implications include reduced resources for retirement needs, and uneven and differential impacts for those with interrupted employment histories, notably women.

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