A majority of older Australians are increasingly worried about the rising cost of living, which is negatively impacting their lifestyle and overall well-being, according to a recent study by National Seniors Australia and Challenger.
The study focused on participants across Australia, gathering insights from nearly 6000 individuals regarding cost-of-living pressures, lifestyle, retirement finances, well-being, and financial security.
The research revealed 53 per cent of older Australians are worried about out-living their savings, with those concerned about the long-term cost of living struggles five times more likely to be worried about the risk of running out of money late in life.
To manage this concern, 83 per cent report that they want money that lasts a lifetime, with income that increases with inflation a top financial priority for most. Regular income for essentials (91 per cent) and being able to afford care and medical costs (86 per cent) were also crucial to achieving long-term confidence.
Younger respondents, women, and those in poor health are more likely to hold long-term concerns about the rising cost of living.
Across all respondents, 83 per cent believed lifestyle impacts would continue to be felt over the 12 months following the survey.
For most, managing their financial situation meant cutting back. Almost two-thirds of respondents (62 per cent) chose this as an option they could use to adjust to increasing cost-of-living pressures.