Are you counting your pennies, cutting back to the bare essentials and opening bills with despair?
Well, you are not alone, with new research showing more than half of Aussies aged 50-plus are struggling financially.
Research by free mobile laundry and shower service Orange Sky reveals that older generations of Australians remain vulnerable to inflating living costs, with over half (54 per cent) of Aussies aged 50-plus struggling financially.
Sadly, rising living costs are also forcing older Aussies to make increasingly difficult decisions to keep afloat, with half (51 per cent) of those over 50 making significant or moderate lifestyle changes because of the cost-of-living crisis, and a further one in three (30 per cent) dipping into their savings just to get by.
Making sacrifices
Orange Sky co-founder Nic Marchesi says everyday Australians are having to make tough sacrifices just to keep up.
“No-one deserves to go without essentials – clean clothes, a hot shower and a safe place to sleep. However, rising costs are increasingly forcing everyday Australians to choose between living essentials, bills and rent, and people who may have never thought they would be struggling financially are turning to us for help,” he said.
“We have seen a 21 per cent increase in demand for our services since last financial year, and this increase is coming from families, retirees, students and middle-aged women and men. Even people with current employment are coming to us for help.”
According to Australian Institute of Health and Welfare (AIHW) data, there are about 122,000 people in Australia experiencing homelessness and one in five of those were older Australians.
Figures for older Australian women are particularly confronting.
COTA Australia chief executive Patricia Sparrow said there was systemic financial bias against women in Australia.
Shocking statistics
“We can’t ignore the shocking statistics around older women’s financial security,” she said.
“On average, women retire five years earlier than men, and live five years longer.
“Despite needing 10 years more retirement income, women have a third less than men, compounding financial insecurity. To address the inequity facing older women we need to look further into the systemic barriers holding many older women back.”
Orange Sky’s figures come as figures released this week by the Australian Bureau of Statistics show the consumer price index (CPI) rose 3.8 per cent to the year ending 30 June.
The most significant price rises this quarter were housing (+1.1 per cent), food and non-alcoholic beverages (+1.2 per cent) and clothing and footwear (+3.1 per cent).
This is the first increase in annual CPI inflation since the December 2022 quarter.
Annual services inflation continued to be impacted by higher prices for rents and insurance.
“Rental prices rose 7.3 per cent over the 12 months to the June quarter, down from a 7.8 per cent in the March quarter. Rental price growth continues to reflect low vacancy rates and a tight rental market,” the ABS report stated.
Electricity prices rose 2.1 per cent in the June quarter and have increased 6.0 per cent in the past 12 months, up from an annual rise of 2.0 per cent in the March quarter.
Are you finding it harder to make ends meet? Why not share your experience in the comments section below?
Also read: Super rules confusing, older Aussies say
Yes, seniors are doing it tough – every time there is talk of a rate increase everybody melts. Believe it or not – we seniors who got through 17% interest rate are battling with next to no interest on our meagre savings – we cant strike for more money – unlike politicians who, good or bad are set for life, so, come on people and politicians – give us a go – our worst ever Treasurer, the smiling assassin – Chalmers – wouldn’t know his arse from his elbow – same as his leader – they can afford so much more than us. We just received our electricity bill for winter $380.00, normally $60.00 and all you bureaucrats and idiot politician expect us to continue as if nothing has affected us.
And these bloody politicians dont give a stuff about the rising cost of living they cause it with the ever increases in tsxes like the increase in fuel tax. Barr in the ACT would be one of the worst dictating to us what sort of vehicle we should drive and if we dont make his choice we are penalised with hugh taxes while while the wealthy who can afford an ev is rewarded. He has increased rates and increased taxes on everything the battlers need to put food on the table