Are you feeling the pinch of rising costs, members? You're not alone.

The cost of living is rising faster than ever, and recent research proves that seniors, in particular, are feeling the strain.

According to a survey conducted by National Seniors Australia and Challenger, which involved nearly 6,000 individuals aged 50 and over, the symptoms of this struggle are all too familiar.

Four out of five respondents reported suffering financial setbacks due to the escalating cost of living, and more than half expressed concerns about 'outliving their savings'.

Meanwhile, 83 per cent of those surveyed believe that their financial challenges will continue to affect their lives for the next several months.

Around 62 per cent are also resorting to serious spending cuts to handle the financial pressures.

New research reveals that most older people are increasingly concerned about rising living costs. Credit: Shutterstock.

Chris Grice, the Chief Operating Officer of National Seniors Australia, pointed out that there's a common misconception that older people are shielded from the severe impacts of rising living costs due to their relatively high rates of home ownership.

However, this is simply not the case.

'The survey findings show that people aged 50-plus are very diverse in terms of the impact of the increasing cost of living on their financial well-being,' Mr Grice said.

'Older people experience less overt challenges to their financial well-being that undermine financial security and overall quality of life. These effects vary depending on age, gender, partner status, health, wealth, home ownership, and sources of income.'

The report, titled The Cost Of Living and Financial Well-being, revealed that people who didn't have much in savings, those who didn't own homes, younger folks, individuals in poor health, and women were the ones most worried about the increasing cost of living in the long run.

The primary cause for concern was the ability to afford essentials, with respondents ranking health, energy, and grocery expenses as their top three pain points.

Aaron Minney, Head of Retirement Income Research at Challenger, said he believes that cutting back is not a sustainable long-term approach for older Australians to manage rising costs and that ongoing economic pressures could be long-lasting if a new solution isn't found.

'An important factor for retirement wellbeing is having the financial capacity to maintain living standards that were enjoyed before retirement,' he said.

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He explained: 'In general, older people's sense of financial resilience and financial security have fallen since the start of the pandemic, and the increasing cost of living has further undermined long-term planning and financial goal setting of older Australians.'

'Certainty of income is vital to give retirees the confidence to spend and peace of mind that they have the financial security to protect their lifestyle, health, and wellbeing throughout their golden years.'

Many respondents are worried about running out of money as they get older. The survey found that 83 per cent of those asked want enough money for their entire lives. They also want their income to increase as the cost of living increases.

In addition, most people said they need a regular income to pay for their basic needs (91 per cent) and cover medical expenses (86 per cent).

Being able to afford essentials was the highest cause for concern. Credit: Shutterstock.

Mr Minney pointed out that the rising cost of living makes it harder for older people to stay financially stable.

'A guaranteed and adequate income stream provides a lot of reassurance and comfort to older Australians battling rising costs.'

He also highlighted the need for better retirement planning and financial advice.

'After nearly 30 years of relative stability in the cost of living, retirement planning and financial advice must better address the potential effects of inflation in undermining people's control over their finances.'

Key Takeaways

• A recent National Seniors Australia and Challenger survey reveals that most older Australians are increasingly concerned about rising living costs.
• Over half of the respondents believed they would 'outlive their savings'.
• Key pressure points for older Australians include being able to afford essentials like health, energy, and grocery expenses.
• Most respondents indicated that they cut back on their spending, a strategy deemed unsustainable in the long term by Challenger Head of Retirement Income Research, Aaron Minney.
• The survey also found that 83 per cent of respondents believed they would continue to experience impacts on their lifestyle over the following several months.

[nextad][/nextads]

We understand that the recent situation has been disappointing, but we genuinely hope all our wonderful members are doing well!

At the SDC, we're on a mission to help you navigate these challenging times. Our commitment remains strong: to shed light on these issues and build a tight-knit community always here to support you.

When it comes to enjoying your golden years, it should be all about finding joy, not worrying about whether you can afford it. Remember, you're never alone in this journey. With careful planning and support, we can brave this storm together.

What do you think? We'd love to hear your thoughts and ideas, so please share them below!

 

[Luckyus]

Are you feeling the pinch of rising costs, members? You're not alone.

The cost of living is rising faster than ever, and recent research proves that seniors, in particular, are feeling the strain.

According to a survey conducted by National Seniors Australia and Challenger, which involved nearly 6,000 individuals aged 50 and over, the symptoms of this struggle are all too familiar.

Four out of five respondents reported suffering financial setbacks due to the escalating cost of living, and more than half expressed concerns about 'outliving their savings'.

Meanwhile, 83 per cent of those surveyed believe that their financial challenges will continue to affect their lives for the next several months.

Around 62 per cent are also resorting to serious spending cuts to handle the financial pressures.

View attachment 30128

New research reveals that most older people are increasingly concerned about rising living costs. Credit: Shutterstock.

Chris Grice, the Chief Operating Officer of National Seniors Australia, pointed out that there's a common misconception that older people are shielded from the severe impacts of rising living costs due to their relatively high rates of home ownership.

However, this is simply not the case.

'The survey findings show that people aged 50-plus are very diverse in terms of the impact of the increasing cost of living on their financial well-being,' Mr Grice said.

'Older people experience less overt challenges to their financial well-being that undermine financial security and overall quality of life. These effects vary depending on age, gender, partner status, health, wealth, home ownership, and sources of income.'

The report, titled The Cost Of Living and Financial Well-being, revealed that people who didn't have much in savings, those who didn't own homes, younger folks, individuals in poor health, and women were the ones most worried about the increasing cost of living in the long run.

The primary cause for concern was the ability to afford essentials, with respondents ranking health, energy, and grocery expenses as their top three pain points.

Aaron Minney, Head of Retirement Income Research at Challenger, said he believes that cutting back is not a sustainable long-term approach for older Australians to manage rising costs and that ongoing economic pressures could be long-lasting if a new solution isn't found.

'An important factor for retirement wellbeing is having the financial capacity to maintain living standards that were enjoyed before retirement,' he said.

[nextad][/nextads]

He explained: 'In general, older people's sense of financial resilience and financial security have fallen since the start of the pandemic, and the increasing cost of living has further undermined long-term planning and financial goal setting of older Australians.'

'Certainty of income is vital to give retirees the confidence to spend and peace of mind that they have the financial security to protect their lifestyle, health, and wellbeing throughout their golden years.'

Many respondents are worried about running out of money as they get older. The survey found that 83 per cent of those asked want enough money for their entire lives. They also want their income to increase as the cost of living increases.

In addition, most people said they need a regular income to pay for their basic needs (91 per cent) and cover medical expenses (86 per cent).

View attachment 30129

Being able to afford essentials was the highest cause for concern. Credit: Shutterstock.

Mr Minney pointed out that the rising cost of living makes it harder for older people to stay financially stable.

'A guaranteed and adequate income stream provides a lot of reassurance and comfort to older Australians battling rising costs.'

He also highlighted the need for better retirement planning and financial advice.

'After nearly 30 years of relative stability in the cost of living, retirement planning and financial advice must better address the potential effects of inflation in undermining people's control over their finances.'

Key Takeaways

• A recent National Seniors Australia and Challenger survey reveals that most older Australians are increasingly concerned about rising living costs.
• Over half of the respondents believed they would 'outlive their savings'.
• Key pressure points for older Australians include being able to afford essentials like health, energy, and grocery expenses.
• Most respondents indicated that they cut back on their spending, a strategy deemed unsustainable in the long term by Challenger Head of Retirement Income Research, Aaron Minney.
• The survey also found that 83 per cent of respondents believed they would continue to experience impacts on their lifestyle over the following several months.

[nextad][/nextads]

We understand that the recent situation has been disappointing, but we genuinely hope all our wonderful members are doing well!

At the SDC, we're on a mission to help you navigate these challenging times. Our commitment remains strong: to shed light on these issues and build a tight-knit community always here to support you.

When it comes to enjoying your golden years, it should be all about finding joy, not worrying about whether you can afford it. Remember, you're never alone in this journey. With careful planning and support, we can brave this storm together.

What do you think? We'd love to hear your thoughts and ideas, so please share them below!

Just have to remember how to cut your cloth according to your measure, as prices rise the more you look at whether you actually need an item/

 

[IAN3005]

I have cut, cut ,cut on all the fixed costs to try and make up for the $7,539 increase per year on the rent alone.
My meal of the day was costing me $1.25 and that has almost doubled.

 

[Luckyus]

I have cut, cut ,cut on all the fixed costs to try and make up for the $7,539 increase per year on the rent alone.
My meal of the day was costing me $1.25 and that has almost doubled.

I know it's bloody criminal and thet have the temerity to blame it on everything else, In the hope that we'll believe them R Soles.

 

[IAN3005]

I know it's bloody criminal and thet have the temerity to blame it on everything else, In the hope that we'll believe them R Soles.

We will beat them at their own game.......