A new report reveals a significant financial divide among older Australians, with approximately one-quarter experiencing financial struggles and living in poverty. This finding challenges the common stereotype of the 'rich boomer', according to advocates.
The 2025 State of the Older Nation Report
The 2025 State of the Older Nation report, released on Wednesday, indicates that older Australians facing hardship, particularly in regional areas, contend with increasing living costs, limited access to services, and social isolation. Conversely, three-quarters of older Australians report a high quality of life.
"The real divide exists within generations, not between them."
Patricia Sparrow, CEO of COTA Australia, the organization behind the report, stated that while some older Australians are prosperous, many are grappling with poverty, insecurity, and declining wellbeing. This includes instances of skipping meals or deferring healthcare.
Key Findings
- One in four older Australians lives in poverty.
- Three-quarters rate their quality of life as seven or higher out of 10.
- The stereotype of wealthy older Australians contributes to ageism, which appears to be increasing in Australia.
- 38 percent of survey participants reported experiencing one or more forms of ageism since turning 50.
A Pensioner's Struggle: Kevin's Story
Kevin (74), a pensioner, described his personal financial challenges. After rising housing costs forced him into supported accommodation, he implemented stringent measures to manage his budget.
He now budgets $100 fortnightly for food, heats only one room, and uses makeshift insulation, consisting of corflute sheets wrapped in Alfoil, to manage temperatures. Kevin relies on his pension and community goodwill after his superannuation was depleted.