94% NZ workers over-50 suffering from financial insecurity

A New Zealand survey has revealed that 94 percent people aged over 50 years can't afford to retire, but employers were not ready to recruit them.

The survey done on employees working for the clients of OCG recruitment firm found out that most over-50s workers could not fund their retirements, if they had to stop work for any reason, while only 6 per cent could retire comfortably, Stuff.co.nz reports.

OCG said that six in ten aged employees reported age discrimination and said they had witnessed practices, such as managers withholding interesting tasks, promotions or training from older people.

The expected retirement age rose from 66 to 67 (for people in their 40s) to 67 to 68 (for people in their 50s) to 70 for people already in their 60s.

On an average, people expected to retire at 67, the report added.

OCG chief executive George Brooks said the clash between older people's need to work and frequent ageism was leading the country towards a socio-economic crisis.