This report presents results from the financial module of the National Seniors Social Survey (NSSS-12) conducted in partnership with the investment company Challenger.
The report documents aspects of older people’s financial wellbeing and preferences. Approximately 4,700 people Australiawide aged 50 years and over responded to the financial questions from the NSSS12 conducted in February 2024.
Findings
Two thirds of respondents felt financially comfortable.
However:
50% of people with less than $350,000 in savings felt comfortable compared to 84% of people with $350,000 or more
those with regular housing costs (rent/mortgage payments) were 61% less likely to feel financially comfortable.
53% of Age Pensioners felt comfortable but only 25% felt comfortable if the Age Pension was their sole source of income.
Wealth and financial comfort had independent effects on spending and saving decisions.
Subjective comfort was more important than objective wealth to decision making. At least 50% of homeowners thought a basic lifestyle required an annual income of $39,000-plus for singles or $56,000-plus for couples.
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