How is the rising cost of living affecting you?
New results from our National Seniors Social Survey of people aged 50+ show that low-income households and renters have been affected most by recent cost-of-living increases.
Key Points
80% of people aged 50+ have been impacted by increased living costs.
90% of older people are concerned about keeping up with living costs.
Renters, low-income households, rural and remote households, larger households (3+ people) and households where the respondent was aged in their 50s were the most likely to experience severe impacts from rising living costs.
Results from the latest National Seniors Social Survey (NSSS-11) reveal that 80% of older people have been impacted by increasing living costs, with the number who are “severely” impacted expected to rise over the next 12 months.
Our national survey of 5,700 people aged 50 and over showed more than 90% of respondents were concerned about keeping up with the rising cost of living, with one-quarter being extremely concerned.
Health costs, energy prices and groceries were the three top worries. Housing affordability was also a concern, particularly in the long term.
Severe cost-of-living impacts were felt across all income levels and age groups but the lowest income households and people in their 50s were hit the hardest. Renters, people living alone or in households of three or more people, or those living in a non-metro area were also particularly affected.
The survey findings reinforce National Seniors’ calls in our Federal Budget Submission to index the Age Pension and other income support payments more frequently during times of high inflation.
Currently the Age Pension is adjusted twice a year in March and September. Rather than have pensioners wait six months, our Advocacy Team recommends making adjustments in June and December as well if inflation is too high.
Other actions government could take include increasing Commonwealth Rent Assistance to support renters on low incomes, plus exempting work income from the income test for all government payments. This allows pensioners who are struggling with rising costs to work more without penalty.
Read our full budget submission here.
These findings are just a snapshot of the results of the latest NSSS-11 survey, which was conducted in February.
In the survey, we asked numerous questions about how cost-of-living increases affect you, and we plan to use all of them to promote policies that address cost-of-living pressures facing older people.
Stay tuned later in the year for more results as our Research Team finalises their analysis of what you told us.
In the meantime, don’t forget to check out the National Seniors’ Concession Calculator to find out the concessions you may be eligible for. We have some tips for saving money on essentials here.
The NSSS-11 was supported by funding from the Australian government’s Department of Health and Aged Care and our partner Challenger Ltd.
