Some groups say they are having to steal essentials more frequently to get through the cost of living crisis.
A growing number of older Australians have seen their quality of life decline over the past two years, with a minority reporting they have stolen essential items, new research has found.
A report commissioned by Seniors Australia found superannuation only covers 76 per cent of monthly expenses and 40 per cent of people aged over 50 have experienced a decline in their quality of life since the start of 2023.
Community groups and online communities have replaced expensive trips to restaurants, cafes and cinemas, which 76% of respondents believe are too expensive.
almost 70 per cent of Australians aged over 50 worry their superannuation will be enough to live on. Image: iStock
“While these low-cost alternatives and free community events are growing in popularity, the cost of maintaining social connections remains an issue,” Meals on Wheels NSW chair Carolyn McColl said.
“As the cost of living continues to rise, many older Australians are finding their superannuation is no longer enough to cover their basic expenses, leading to widespread financial stress.”
The report shows that 69% of people over 50 are worried that their pension alone will not be enough to live on in the face of high inflation and high interest rates.
Aged Care Minister Anika Wells and the federal government have pushed major reforms through parliament this year. Photo: NewsWire/Martin Ollman
People over 50 are choosing not to get treatment. One in five respondents have delayed or abandoned treatment plans due to cost.
4% also reported theft of essential items.
The survey, which polled more than 1,000 Australians aged 50 and over, paints a grim picture of the future for Australia’s ageing population.
More than half (58%) worry that their retirement savings are insufficient.
Gender differences are also evident. Three quarters of people are aware of the inequality in retirement savings between men and women. More than 40% of women believe that the gender gap will result in them (or has actually resulted in them) not having enough money to save for retirement.
In September, the federal government passed a bill introducing sweeping reforms to aged care.
The $5.6 billion reforms are aimed at helping people live independently in their own homes longer.
The changes include a “no deterioration” benchmark, meaning people already in aged care will not have to pay more for their care.
Most of the investment has been used to increase family support services. The maximum pension rate increased in September. A single person can receive a maximum of $1144.40 per fortnight, and a couple can receive a maximum of $1725.20 per fortnight.
Pensions are adjusted twice a year based on the Consumer Price Index or the Cost of Living Index for pensioners and beneficiaries, whichever is higher.