If you’ve spent an afternoon watching Free to Air TV you’ll know exactly where I’m coming from when I say ‘enough of the insurance and superannuation commercials’. Commercials for funeral insurance, pet insurance, life insurance…need I go on. But last week, one of those annoying adverts got me thinking. It was a commercial for super and its slogan was ‘Don’t let your lifestyle expire before you do’. It got me thinking about some of the statistics in a blog post we published last week ‘Freelancing in Australia’ and why so many Baby Boomers are joining the freelancer workforce.
A survey conducted by Edelman showed that 30% of Australian workers aged 55+ are freelancers and while only 18% of the Australian workforce is made up of workers 55+, 17% of Freelancers are in this age group.
The Edelman survey also found that Baby Boomers are the most likely to start freelancing by choice as opposed to necessity. Flexibility and freedom topped the list of key drivers for all age groups.
In addition to the general consensus that flexibility and freedom are major draw-cards for the contingent workforce, our aging workforce is also looking to freelancing as a means to avoid their lifestyle expiring before they do. As Baby Boomers leave the traditional workforce many will turn to freelancing as either independent contractors or tasks specialists to help boost their income during their semi-retirement years. In fact the Edelman survey showed that almost nine out of ten freelancers would contemplate freelancing after they retire to earn extra income and that freelancers are more confident that they will be able to sustain their lifestyle after retirement than traditional employees.
Although changes in the workforce are heavily driven by Millennials, they aren’t the only age group benefiting. With the retirement age now 65 and due to reach 67 by July 2023, many Australian workers 55+ are taking full advantage of the on-demand economy and tapping into it as a means to semi-retire 10 years ahead of schedule or at least enjoy a better work/life balance during their final working years.