New research conducted by National Seniors Australia and Challenger has unveiled growing concerns among older Australians regarding the increasing cost of living.
The study, which surveyed nearly 6,000 individuals aged 50 and above, shed light on how these rising expenses are negatively affecting the lifestyle, retirement finances, and overall well-being of older citizens.
According to the findings, a staggering 80 percent of respondents reported that the soaring cost of living had adversely impacted their lives. Of particular concern was the fear of outliving their savings, with 53 percent expressing worry about this issue.
Those troubled by long-term cost of living challenges were found to be five times more likely to be concerned about the risk of running out of money in their later years. National Seniors Australia’s Chief Operating Officer, Mr. Chris Grice, emphasised that older Australians, despite typically owning their homes, are not immune to the financial strains caused by increasing living costs.
He noted that the impact varied depending on factors such as age, gender, health, wealth, and income sources. For many respondents, managing their financial situations meant cutting back on expenses.
The report provides insights into the challenges faced by older Australians in today’s economic landscape and emphasises the need for solutions that ensure their financial security during their retirement.