Are boomers holding their children back? Probably not. It’s a well-reported fact that the recession has older adults staying in the work force longer, hogging all the jobs for younger workers. But, according to Pew Research, that trend started long before the recession took hold and isn’t likely to ease up anytime soon.
While the economy has certainly played a part in retirement plans – nearly 40 percent of workers past 62 say they have delayed retirement because of it – the majority of older workers are staying in the work force simply because they want to. Only 17 percent say they need the money, and 27 percent say it is a serendipitous mix of wants and needs.
“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 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,” according to the study.