A NEW report highlights the financial struggles older Australians face, particularly concerning the adequacy
of the Age Pension and the rising costs of aged care.
Based on data from the 12th National Seniors Social Survey conducted in February 2024, nearly 4,700 people aged 50 or older participated in the study.
One key finding is the inadequacy of the Age Pension. Although respondents weren’t directly asked about its sufficiency, only 25% of those relying solely on the Age Pension felt financially comfortable.
Many indicated they needed an additional $10,000 to $15,000 per year to maintain a basic lifestyle. The report also found that 63% of respondents were concerned about covering aged care costs.
Despite interest in financial advice, barriers such as cost and doubts about the independence of advisors discouraged many from seeking help.
This study concludes a decade-long partnership between National Seniors and Challenger, which supported valuable insights into the financial well-being of older Australians.
The findings emphasise the urgent need for policy reforms to better support retirees, particularly those who rely on the Pension and face rising living expenses.
