Aging baby boomers need more money medical care and other expenses, but they can’t afford it because they’re only finding low-wage work and are dealing with age discrimination on top of that.
Baby boomers say age discrimination is holding them back from getting a job. Around 53% of surveyed, self-described baby boomers say they have felt discriminated against by an employer due to their age, according to the job-listing site iHire. The survey is part of a larger report on the state of hiring for baby boomers.
Additionally, 70% of baby boomers who feel over qualified for their jobs say they have experienced age discrimination, while 45% say their generation is unfairly stereotyped by today’s employers, according to the survey.
Age discrimination could bar many baby boomers from getting high-paying work. While millennials are the largest labor force right now, baby boomers (those born between 1946 and 1964) make up the fastest-growing labor group in the US. By 2024, nearly 1 in 4 people in the labor force will be age 55 or over, according to the US Department of Labor.
The trend towards older workers spending more time on the job could be due to financial constraints: nearly half of households headed by someone 55 or older have nothing saved for retirement.
Despite the need for money (coupled with steep healthcare costs baby boomers need to pay), many older workers take on low-wage jobs: unstable or low-wage jobs make up half of growth for older workers, according to the Economic Policy Research.
“As the talent shortage and tight labor market continue to complicate hiring, employers should put their bias aside and consider what seasoned, eager, reliable, and highly qualified baby boomer candidates can offer,” said Steve Flook, iHire’s president and CEO, in a release.
iHire connects job seekers with companies in 56 industry-focused communities. Companies iHire works with include Marriott, Whole Foods, and Disney.
To get the data, iHire surveyed 1,265 job-seekers who self identify as baby boomers. Both members and non-members of the job listing site answered the survey.