More and more older Australians’ quality of life has fallen in the past two years as a small number report they have stolen essential items to get by, new research finds. Source: News.com.au.
A report commissioned by Australian Seniors has found the pension is only covering 76 per cent of monthly expenses, and 40 per cent of over 50s report a decline in their quality of life since the start of 2023.
Community groups and online communities have replaced expensive outings to restaurants, cafes and cinemas, which 76 per cent of those surveyed are finding unaffordable.
“While these low-cost alternatives and free community events grow in popularity, the cost of maintaining social connections remains a concern” Meals on Wheels NSW president Carolyn McColl said.
“As the cost of living continues to rise, many Australian seniors are finding that the aged pension is no longer enough to cover their basic expenses, leading to widespread financial stress.”
The report shows 69 per cent of over 50s fear the pension alone will not be enough to live on amid high inflation and interest rates.
People aged over 50 are choosing not to have medical treatment. One-in-five people surveyed have delayed or abandoned plans for medical treatment due to costs.
Four per cent also reported stealing essential items.
The survey polled more than 1000 Australians over the age of 50 and paints a grim picture for our ageing population.
More than half – 58 per cent – fear their retirement savings will be insufficient.
In September, the federal Government passed legislation for a massive reform to aged care.
The $5.6 billion shake-up mainly helps people live independently in their homes for longer.
The changes include a “no worse off” benchmark in which people already in aged care will not have to pay more for their care.
The vast bulk of the investment goes to more at-home support services. In September. the maximum pension rates rose. A single person can get a maximum of $1144.40 per fortnight and couples $1725.20.
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Older Australians stealing essential items, fear pensions are not enough to live on (By Blair Jackson, News.com.au)
