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The research, commissioned by Australian Seniors, found that the erosion of lifestyle started in 2023. The situation took a turn for the worse due to the rising cost of living crisis, with the pension only covering 76% of the total lifestyle expenses. Now, seniors are caught in the tight choice between buying essential items and discretionary spending for future savings, the report stated.
The financial difficulties are also impacting the seniors' healthcare. The report cited a poll that found one in five seniors have postponed or canceled plans for medical care because of the expense. This concerning trend makes it abundantly evident that elderly Australians' healthcare demands are not being met by the current pension system.
Alongside impacting the standard of living, the rising costs are also taking a dire toll on the seniors' social lives, as they are finding it increasingly difficult to afford simple outings, restaurants, cafes, and cinemas, and resorting to low-cost alternatives like online communities for basic recreation.
About 52% of individuals over 50 said financial stress has affected their social interactions, while nearly 59% admit to facing difficulties in covering essentials and other necessities. About 4% even admitted to stealing essential items.