The methodology was elaborate. Simulated resumes were prepared for young, middle aged and older (approaching retirement age) job applicants for about 13,000 positions.
Anyone over-60 who has recently been on a search for wok, of any kind, knows the findings. Of course, there was discrimination against the aging, especially women.
Here is another kind of report on age bias. It's by employment lawyer Richard Cohen.
Why should the Federal Reserve be concerned about this? Well, the implications involve the economy.
Let us count the ways.
At the top, the report makes clear, is the strain put on the Social Security System. The aging who find it difficult to be hired for jobs could:
- Opt for enrolling in Social Security early - age 62.
- Opt to take Social Security at the regular age (whatever that might be at the time) instead of postponing it.
In addition, it's obvious that the less we aging professionals can bring in as income the more our purchasing decisions will be influenced by the mindset of scarcity.
That hurts sales of big ticket items such as new cars, mortgages for houses and extensive dental procedures (for the latter, I became a dental tourist to Mexico where the cost was one-third what I would have paid to dentists in Arizona.) When we aging do travel, more of us have downsized to budget motels. Airbnb is another popular choice.
As for necessities of life such as food, branded merchandise can take a hit. The aging can tilt toward private label for most food and household-goods (detergent) items.
Currently they are bearing witness to the influx of the over-50 professionals who may never hold another white collar job again. Even those in STEM fields are being given the boot.
Some are undergoing formal training for blue collar lines of work such as long-haul truck driving.
Recently, for several months, I searched for a part-time job, both white and blue collar. I wanted to not only supplement the income from my self-employment. I figured part-time work would be a welcome distraction from the non-stop marketing required in professional services currently.
How naïve I was even to put myself out there. That was only the second time in my career that I had hit a wall. The first time was when the market for humanities college professors crashed.
The good news is that my communications boutique is thriving. Sure, self-employment can be a solution to hiring bias. But, come on, not everyone is a Mark Zuckerberg.
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