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NewMR - Retirement is all different now - Webinar August 2021

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NewMR - Retirement is all different now - Webinar August 2021

  1. 1. Retirement is all different now Webinar 25 August 2021 The webinar will commence shortly
  2. 2. Sponsors Communication
  3. 3. Retirement is all different now • Welcome: Ray Poynter • Sponsors • Presentations • Panel discussion • Q&A • Closing announcements
  4. 4. Our Speakers Dave McCaughan Biblosexual Asia Sue Bell Susan Bell Research Australia Akihiko Kubo Tag Worldwide Japan
  5. 5. Retirement is all different now Ageing is going through big changes
  6. 6. DJ Sumirock
  8. 8. OVER 65 IS WHERE THE FUTURE IS ( 2021, 20205, 2050 FUTURE ) CHINA 12% 14% VIETNAM 7.9% 9.8%
  9. 9. 9%
  10. 10. 76 IS THE NEW 65 https://www.weforum.org/agenda/2019/03/japan-ageing-slower-76-is-biological-65-study BASED ON 92 DISEASE/HEALTH FACTORS
  11. 11. What is a “ripe old age “ ? We used to think some one in their 70s … “had had a full life” Now dying in your 70s … “ oh I thought he would have been older” Life expectancy is now expected to be longer, fuller and healthier
  12. 12. • http://info.trendwatching.com/new-opportunities-for-the-older-generation?utm_campaign=Innovation%20of%20the%20Day%20&utm_source=hs_email&utm_medium=email&utm_content=72759659&_hsenc=p2ANqtz--NFhaSWAFtVSF7cRnYYkG0Bghc_LNFWBcOlHjj5TajiW3gz8zc7GA604n6FrrmSFlIlYa2Q6KeKJO9xVzeRCrtubCUvg&_hsmi=72762376 60 is the NEW 60
  14. 14. RAISED TO EXPLORE 1.THEY DON’T BUY NEW STUFF 2.THEY DON’T TRY NEW BRANDS/PRODUCTS/SERVICES 3.THEY SWITCH FROM “ GOOD FUN” TO “ SURVIVE” 4.THEY CAN’T USE TECHNOLOGY Travel, auto, beauty, food marketers “know” they do Anyone under seventy is a lifelong switcher Try telling guitar makers that … and the theatre … and education Really ?? Who were/are the first buyers of so many technologies ?
  15. 15. www.carterjmrn.com
  17. 17. TRUTH = RETRYERMENT Trying new jobs Trying more exercise Trying to make a difference Trying to fill their passport Trying new technology
  18. 18. The idea of Ageing Asia has been around for 2 decades. It is “transient” because it is just not new. And while there is a lot of continuous content that is positive and active it and it creates an overwhelming emotional reaction of “expectation” it rarely takes a new POV. So this means the subject
  19. 19. The narratives around “retirement” in Australia and Singapore are both positive ( more green than red emotions ) and timeless ( they are strong ongoing narratives that will continue to be important ) BUT Australia displays both stronger positive emotions ( “joy” at the idea of retirement” ) and negative ( not a much richer vein of “anxiety” and “fear” ). That explains too why Singapore displays a greater degree of “expectation” and “surprise” … The sense that the two markets are taking on a long term consistent narrative but different due to conditions
  20. 20. In Thailand “retiring” is not a very active narrative … The affect is not so much negative and inactive ( especially compared to more developed markets ) When explored we found that it it is often generating “embarrassment” and “shame” because people don’t feel well enough prepared. In Japan we looked at how “salary and retirement” are linked. The narrative is really one of weak “gratitude” driven by an awareness that forced saving policies mean most are protected for now But the overall subject is going nowhere, not generating enough new news and vague about where it is going
  21. 21. “ How to earn money in the era of 100 years old life span” (2019) Co-authored by: Kazuyo Katsuma Hiromi Wada Aki Kubo
  22. 22. Staying financially healthy until 100 years old is a tough challenge.
  23. 23. Japan's population in three demographic categories (from 1920 to 2010, with projections to 2060) Good news is; Women, Foreigners, or Seniors?
  24. 24. #1 Keep up your market value.
  25. 25. People still want to be hired forever…
  26. 26. #2 Don’t expect your employer to employ you forever.
  27. 27. 元部⻑の名刺 Source: Interbrand
  28. 28. #3 Create your own brand, instead.
  29. 29. Old retirement From 100% to 0% New retirement From 100% to 25%? New book by Ex- Hitachi CEO 1 day work 6 days pleasure
  30. 30. #4 Consider balance time & money “Don’t waste your precious (remaining time) for Positional goods”. Robert Frank NYT columnist
  31. 31. “ How to earn money in the era of 100 years old life span” (2019) Co-authored by: Kazuyo Katsuma Hiromi Wada Aki Kubo
  32. 32. “Don’t let me be misunderstood” What Australian 60 somethings think about retirement.
  33. 33. © Susan Bell Research 2021 The deficit discourse 37
  34. 34. The deficit discourse – excerpts from the media 38 This is a guide for people in NSW who are planning to retire. It can help you manage your money, decide where to live and find support services. You can start planning for retirement at any age. It’s never too early or too late to think about your retirement goals. 2. You planned badly As older Australians live longer, some are returning to the workforce years after they retired. It pays to know the financial issues that can result from this employment backflip.” News.com.au 1. You don’t have enough to retire on 4. You need help 3. You did it wrong
  35. 35. © Susan Bell Research 2021 The deficit discourse. The ‘empty nest’ 39
  36. 36. © Susan Bell Research 2021 The deficit view leads to: 40 2.Making your audience feel uncertain about retiring 1.Talking down to your audience They are 65 not 85!
  37. 37. © Susan Bell Research 2021 AGED 40-49 46% AGED 60-69 69% AGED 20-29 53% The reality 41 E N J O Y I N G L I F E N O W Sample size: N=100 per age group. Your sixties are a happy time 1
  38. 38. The reality 42 So many ways to change how you work in your sixties: 2 Choose to cut back your hours Decide to switch to a new part time job Choose to stop and stay stopped Choose to stop work and then restart Re-train
  39. 39. In your sixties, you can choose 43 “I am 67 now, and I am making strategic choices about how I want to work and who I want to work with.” “I am in my late 70s and still running my business. I changed direction and retrained in my 60s so that I can go on working… I don’t intend to retire although I have slowed down.” “I was a general manager of an automotive company. I retired 3 years ago took an early retirement. I did some social work volunteer work. I got bored then about 3 years ago I joined (retail store as floor staff) Be selective Re train Downsize your job
  40. 40. © Susan Bell Research 2021 44
  41. 41. © Susan Bell Research 2021 The reality 45 About 20% of retirees had retired because they lost their job and could not get a new one About 20% of retirees had retired because of their own ill health and 6% because of their partner’s ill health And some leave their workplace or start to lose consulting clients (e.g.) through ageism Retirement is almost impossible to plan for: 3
  42. 42. The reality 46 Your sixties is a transition: Change where you live And who you live with Work full time, then part time, then… Developing sense of identity © Susan Bell Research 2021 4
  43. 43. © Susan Bell Research 2021 Conclusion: Don’t let me be misunderstood 47 • Representation of the ‘60 somethings’ in general and of ‘retirement’ in particular seems out of step with actual behaviour. • Your sixties can be a time to be happy where you are free to make choices. 60 somethings are experimenting with different work and living patterns just as 20 somethings do. • These are not ‘mistakes’. They are not wrong. The deficit discourse is wrong.
  44. 44. “Don’t let me be misunderstood” What Australian 60 somethings think about retirement.
  45. 45. suebell@sbresearch.com.au @SueBellResearch https://www.linkedin.com/in/suebell/
  46. 46. 50 Ageism is bad business The future is hiring over 55s at all levels
  49. 49. Q & A Dave McCaughan Biblosexual Asia Akihiko Kubo Tag Worldwide Japan Sue Bell Susan Bell Research Australia Ray Poynter Potentiate & NewMR
  50. 50. Sponsors Communication