A new report from AMP and the National Centre for Social and Economic Modelling has found that as older workers depart, younger workers are struggling to replace them, thanks to higher levels of unemployment in young people.

"These are the most experienced and the most skilled workers in Australia,” says Ben Phillips from the University of Canberra.

“The question is will they be replaced by younger Australians? And at the moment with youth unemployment so high, that's a problem for Australia.”

People under the age of 20 are 4.5 times more likely to be unemployed than older Australians. In the last six years, the number of young people looking for jobs has increased from 16.6 per cent to 27.2 per cent.

While young people struggle to find work in their preferred career paths, the number of skilled and experienced Australians leaving the work force is set to increase.