The cost of living and older Australians’ financial wellbeing

Recent increases in the cost of living have been the largest in just over two decades. Living costs are one of the strongest influences on financial wellbeing which is critical in determining people's overall wellbeing.
Older people are typically thought to be protected from the more severe impacts of increasing living costs due to their relatively high rates of home ownership. This means many do not experience the same hardships as those with large mortgages. However, older people may experience other less overt challenges to their financial wellbeing that undermine financial security and overall quality of life. National Seniors Australia in partnership with the investment management company Challenger sought to find out how increased living costs were affecting older Australians through a set of questions in the annual National Seniors Social Survey. The online survey was open to anyone living in Australia aged 50 years and older. It was conducted in early 2023 at a time when food prices had risen between nine and ten percent and utilities by eight and ten percent. Almost 6000 people responded to the survey with all states and territories represented. This report is based on the Cost of Living and Money Matters modules together with relevant demographic and other financial information provided by survey respondents.