Silver Generation on the labour market

Work & time management of the 65+ generation

Abstract

Nowadays, the investigation of the labour market challenges generated by an aging society is one of the
central subjects in the international academic literature. Previous research mostly analysed the labour market
presence of people aged between 55 and 65. However, as the extension of the retirement age is on the agenda
in several European countries, the work ability and willingness of the 65+ generation has become a key issue.
Our survey, conducted in Hajdú-Bihar county, North-Eastern Hungary (N=2625, multi-stage probability sample), focuses on this relatively less investigated generation concerning labour market aspects. It investigates
participation in the formal and informal labour market, and the factors that determine the time management
and work involvement of the 65+ generation.
In the course of the analysis we have established that the investigated age group is engaged in the formal economy at a quite low rate (2.7%), and the vast majority (93%) also does not engage in any activity in the
informal economy that generates income. However, in 68.7% of the sample, we can identify certain cost-saving
activities that can be considered as work. Thus, the members of the Silver Generation are involved in employment at a considerably higher rate than official employment statistics imply. The primary obstacle in explicit
labour market involvement is not age, but rather education level and health status. According to our research,
the work engagement of the 65+ generation is highly affected by the lack of financial need and also by ageism.
99.2% of the respondents possess transfer incomes securing their existence, so in their case there is no financial pressure towards returning to the open labour market. However, widespread stereotypes about the work
involvement of elderly people are also strongly present among the 65+ generation (interiorised ageism), which
significantly decreases the motivation towards employment in the formal economy of those members of the
Silver Generation who are still capable of work activity.