AI Article Synopsis
- The study investigates how the global financial crisis (GFC) has impacted employed Australians from the baby boomer generation, focusing on their financial situations and retirement plans.
- A survey of 1009 boomers aged 50-64 revealed that a significant portion reported being financially worse off since the previous year, with higher negative effects observed in women.
- The findings suggest that the GFC has altered retirement intentions, leading many boomers to postpone retirement, highlighting the need for policy measures to address the unequal effects, especially on women with disrupted employment.
Article 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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| http://dx.doi.org/10.1111/j.1741-6612.2010.00425.x | DOI Listing |
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