Australian baby boomers talk about the global financial crisis

Abstract

Aim: The aim of this qualitative study was to explore baby boomers' views and plans in the early days of the global financial crisis (GFC) in 2008. Methods: Informants from National Seniors Australia were interviewed in 15 focus groups conducted nationally. Transcripts were analysed by themes from semi-structured questions. Results: The GFC was found to shake the confidence and plans of boomers. Many workers decided to delay retirement and save longer following losses in superannuation. Those retired on market-linked superannuation felt forced to reduce expenses and restrain lifestyles. Those on full pensions were relatively unaffected. Conclusion: The GFC called into question boomers' expectations for retirement. While financial markets are showing signs of recovery, the GFC had precipitated a decision to work longer and to draw conservatively on retirement savings that may take many years to recover. The volatility of financial and employment markets underscores the value of the Age pension.