Age bias rampant in finance hiring

financial planning employment

3 July 2015
| By Malavika |
image
image
expand image

Three quarters of those aged over 50 felt they had encountered age discrimination in the finance sector even as age discrimination cost the Australian economy over $48 billion a year, research showed.

A survey of 476 hiring managers across accounting, banking and finance, insurance, and wealth management by specialist financial recruitment firm, Marks Sattin found age discrimination was twice as prevalent as gender discrimination in Victoria and New South Wales, with one in four saying they had faced age discrimination.

Older workers were perceived as "resistant to change" (67 per cent), and "slow to learn" (37 per cent).

Marks Sattins director, Ieuan Williams, said there discussions around gender discrimination were increasing, but age discrimination was flying under the radar.

"It is the white elephant in the room. The result is a substantial number of mature candidates who are unable to get jobs, despite immense qualifications and experience. Australia needs to eradicate the stereotypes and adopt a pro-mature workforce culture," Williams said.

The recruitment firm pointed to the fact that there will be over 40,000 people aged over 100 by 2055, which means a large section of the population over 50 would still be working.

Currently, around 26 per cent of employees are aged between 45 and 65.

This figure spiked among those over 50, with 77 per cent reporting they faced age discrimination.

Marks Sattin also found 39 per cent of hiring managers thought not enough was being done to remove unconscious bias from the interview process.

"If there are only younger managers on the hiring panels, what chances does an older employee have in being hired?" it asked.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

1 month 2 weeks ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month 3 weeks ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 3 weeks ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positiv...

1 week ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

3 weeks 6 days ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

11 hours ago

TOP PERFORMING FUNDS