Richer, Older and Lonelier: How we have changed – an article from the AFR shines a light on the changing attitudes and behaviours of many Australians.   

A report out of Melbourne indicates that Australians are working well into their 60’s and delaying retirement [1]. Michael Read in the AFR reported that “in 2003, almost 70 percent of men and close to half of all women aged 60-64 were retired [2]. In 2023 these figures had fallen to 41 percent and 27 percent respectively.” 

The reasons for this are no doubt multifaceted, however, the report cites a mix of economic and policy factors. The retirement age, which entitles people to the state pension, is now 67, meaning many older Australians have needed to stay in the work force longer. The report continues, “improved health at older ages mean that more people are physically able to keep working later in life.”

Health is most frequently stated as the reason given for the decision to retire, showing its importance in shaping workforce exits. We see this in our M&A work, not infrequently we are approached by business owners where poor health has either crept up gradually, or in some cases, unexpectedly burst in without invitation! This normally ushers in some hasty planning and decisions, which is not always the optimal way to do these things.

Worryingly, the reports finding on loneliness suggests “friendship circles” are shrinking. 35 percent of respondents to the survey reported that they disagreed with the statement, “I seem to have a lot of friends.” The strongest decline in friendship findings was in the 15 to 24 aged bracket, and that group are also socialising less frequently. People meeting friends or relatives several times a week has dropped from 32 percent to 20 percent.

The findings on Australians not having big families is perhaps not surprising, but no less worrying. The decline in fertility intentions is coinciding with the actual fertility rates, which has hit a record low in Australia of 1.5 births per woman in 2023 according to the Australian Bureau of Statistics. The population replacement rate is over 2.  Most respondents did say that two children were their desired family size although there is a rise in the number of people preferring either one or no children. “Potential parents are growing more concerned about their financial security and the costs of raising a child and that pragmatism is outweighing the emotional side of the decision, said Lass.”.

As a father of five, now grown-up, I can say that I never felt, at any point, that I could really afford my kids, however somehow my wife and I we found a way to feed them, clothe them and educate them, just!

As I have said before, of the 300,000 companies in Australia who employ between 5-200 staff, 20% are owned by the baby boomers (currently aged between 61-79). If you are one of those then don’t leave your business succession planning to the point where it becomes forced, act early giving yourself plenty of time. Selling your business is much more akin to a process than an event!          

[1] Melbourne Institute, Household Income and Labour Dynamics in Australia (HILDA)

[2] AFR Richer, Older and Lonelier: How we have changed. Michael Read, Economics Correspondent September 19th 2025.