This blog is about the relationship between organizations and the people who work for them. And, it’s dedicated to the millions of people around the world who go to work every day wanting to do a great job.

“Fear grows that it will be ‘freedom 75’”

by Deborah Hinton

For those of you who don’t live in Canada this headline from this morning’s paper will require a little explanation.  Freedom 55 is a very successful London Life campaign that encourages people to save and invest using their financial products including life insurance so that they can/ will have the good life of retirement sooner – age 55 not 60.  The TV and print ads show images of fit and active grey-haired couples in exotic locations, golfing, just sitting looking out on their secluded lake. Free to just have fun.

The good life view of retirement is something relatively new.  In the west, sometime in the 1930s our governments began designing pension plans and tax laws to encourage the growing numbers of old to get out of the workforce.  But, by the 1950s it was clear the “old” weren’t interested in retiring to do nothing.  And so retirement was sold as the fun time we get after the slavery of our life up until then. [source]

Ah retirement! Ah Freedom 55.

Fast forward to today’s headline which goes on to say:  “40 per cent of 25-to 34-year-olds concerned about when they can retire.”  Why are 25 to 34 year olds concerned about when they can retire?  I don’t mean they shouldn’t be saving or investing or planning for the future.  They certainly should.  But what I find discouraging is that instead of demanding more from their work and workplaces they’re worrying about how soon they can stop, get out.

Retirement.  First it was a social obligation.  Then an economic privilege.  And now a personal entitlement based on a Faustian deal.  Work hard at something you are neutral to, or dislike, and eventually you’ll get the prize.  Retirement.  Or maybe not.

And for this 40% who are focused on when they can retire it’s a huge loss –  for them and for the organizations they work for.

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Deborah Hinton Tuesday, December 14th, 2010
Permalink Culture, Work, Workplace 3 Comments

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3 Comments to “Fear grows that it will be ‘freedom 75’”

  • Neil Griffiths says:
    December 20, 2010 at 7:48 am

    I see your point, Deb. It’s about enjoying the journey as you get to your destination. However, it may not all be about ‘how soon can this be over?’. With retirement ages increasing and pension funds diminishing, it’s a bit uncertain to younger folk as to what they’ll be expected to pay for and for how long; or indeed, will there be anything left by the time we get there. In a way, it’s about the changing terms of being able to enjoy the privilege of retirement and knowing what you’re in for as you set off on that road. Does that sound less selfish?

  • Deborah Hinton says:
    December 20, 2010 at 8:08 am

    Didn’t think it sounded selfish Neil. As you say it’s about changing conditions. The “privilege of retirement” was reality only for a couple of generations. The “pay in” is a condition of employment or in Canada and the UK of citizenship. Not a guarantee that’s for sure.Not a right of life even though that’s how the conversation can go.

    I just find it sad that the focus is often on ‘getting out’ and ‘getting something’ for putting up with jobs people don’t like and organizations [read management] that may or may not respect you, trust you, have pride in the work you do. Why stay? Unless you have no choice [few], perceive you have no choice [many] or do think it’s worth the pain today to get the payout in the future which as you point out is less and less likely.

  • Neil Griffiths says:
    December 20, 2010 at 8:11 am

    I agree that it’s sad. This is an interesting reflection and you’ve made me think a bit differently.

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