Recession Is Changing the Workforce
aCCorDing to one government estimate, says a new
nationwide survey by the Pew research Center’s social & Demographic
trends, 93 percent of the growth in the U.s. labor force from 2006 to
2016 will be among workers ages 55 and older. the Pew study notes that
older adults are staying in the labor force longer, and younger adults are
staying out of it longer. Both trends took shape about two decades ago,
both have intensified during the current recession, and both are expected
to continue after the economy recovers.
The survey finds that a majority of workers ages 65 and older say the main reason they work is that they want to. Attitudes
play an important role as well, says the report. In particular, the
growing desire of an aging but healthy population to stay active
well into the later years of life.
According to the Pew Research survey, nearly four in 10
adults who are working past the median retirement age of 62
say they have delayed their retirement because of the recession.
Among workers ages 50 to 61, fully 63 percent say they might
have to push back their expected retirement date because of
current economic conditions.
Age Range Need the Money Want to Work Both
16-64 49% 20% 31%
65 & Older 17% 54% 27%
Source: Pew Research Center, September 2009
REASONS FOR WORKING
(percent of respondents in category)
REASONS FOR WORKING BY AGE
(percent saying “big reason” for working; full or part time)
Big Reason
for Working
Percent of
Respondents
in Age Group
When asked to identify specific reasons for working, older
workers emphasize psychological and social factors:
“To feel useful;”
“To give myself something to do;”
“To be with other people.”
Younger and middle-aged workers are much more inclined
to cite classic pocketbook considerations:
“To support myself and my family;”
“To live independently;”
“To qualify for retirement benefits;”
“To receive health care benefits.”
All of these survey findings are consistent with a Pew Research Center analysis of U.S. Census Bureau data that show
that the labor force participation rate of older adults, which
Age 65 & Older
feel useful/productive
live independently
give myself something to do
to be with other people
support myself/family
Help improve society
Qualify for pension/social security
receive health benefits
Age 16-64
support myself/family
live independently
feel useful/productive
Qualify for pension/social security
receive health benefits
Help improve society
give myself something to do
to be with other people
Source: Pew Research Center, September 2009
68%
59%
57%
56%
53%
40%
35%
21%
88%
78%
69%
65%
57%
48%
40%
35%
declined from 1950 until the middle of the 1980s, has been rising ever since. This trend has accelerated during this decade,
especially in the current recession.
