Two thirds (64.7%) of Australian seniors worry that with age comes poverty, with almost half (49.2%) not trusting the system to look after them in retirement, according to the Ageing Perceptions Report by the Australian Seniors Insurance Agency.
In addition to this, 75.8% of seniors have uncertainties when it comes to their financial security, which are further compounded for the third of seniors (68.2%) who believe the passing of their partner would have a negative impact on their financial situation.
Although the majority of seniors (68.4%) are doing a range of things to prepare financially for retirement, particularly by saving (41.3%), spending less (30.4%) and investing in property (12.9%), close to one in three (31.6%) are not doing anything in particular to prepare financially for retirement.
Chief Marketing Officer and Australian Seniors Insurance Agency spokesperson, Simon Hovell, said: “Aussie seniors are clearly concerned about their financial future, with the cost of living continuing to grow. Our research shows that there are trust issues when looking at the systems in place, and a great feeling of unease amongst seniors who aren’t sure they’ll be adequately supported in retirement. The fear of poverty gives an indication of just how dire some seniors feel their situation may become once they retire.”
The report is the eleventh instalment of The Australian Seniors Series – an ongoing national study investigating the shifting attitudes and concerns affecting Australia’s over 50s.
The survey explores self-perception, as well as societal perception of ageing. Although the survey and findings are based on Australians over 50 years old, it provides an insight into the minds and perceptions of seniors.
Seniors’ self- perception
With more than two-thirds of Australian seniors stating they are feeling more content with their life now than when they were younger, it’s evident that there is a shift in self-perception. In fact, it’s been revealed that more than two in five (42.2%) see getting old as more of a positive.
However, close to half of seniors (48.4%) feel that growing old can be ‘depressing’, citing feeling tired, poor health and life’s disappointments as the most common reasons. While most seniors are still socialising with friends and enjoying social activities at least monthly, they do not think they have more time and money now to enjoy social activities compared to when they were younger.
One in three seniors feel forgotten by society, and two in five have felt ignored by younger members of their local community. They believe there is an assumption that ageing involves a natural decline in both physical and cognitive health, thus three in ten (31.5%) seniors feel pressured to keep fit for the sake of their looks.
With the shift in societal values, majority of seniors think plastic surgery is more accepted now, and a small fraction of them have had or would consider plastic surgery or cosmetic procedures. This also falls in line with many of them feeling more societal pressure to upkeep their looks to stay employable.
Around half of seniors feel that discrimination against older people is growing in Australia as compared to 20 years ago. With 34% believing that such discrimination is higher in the city than those living in the regional areas (9.3%). They feel that millennials between 18 to 34 years old are most likely to carry this prejudice than those above 34 years old.
One of the survey participants said "I thought that my parents were old when they were 50, so I think that this would be the same for kids of today." (Female, 59 years old, Vic)
While the seniors believe that they have a lot of wisdom to offer and that they are considered to be one of Australia’s greatest resources, they generally feel like they’re not well respected by the young. Many say they have felt ignored by younger members of their local community, excluded on social media platforms, felt like a burden or forgotten by society.
However, on the contrary, millennials feel that seniors are generally well respected by the young, and that they agree older people have a lot of wisdom to offer.
For the full report and infographics, visit https://www.seniors.com.au/news-insights/ageing-perceptions-survey
For related articles, read
Australia:Nearly 90% of senior citizens say they try to stay healthy
Australia:Govt drops plan to raise retirement age to 70
Singapore:Number of centenarians has grown from 50 in 1990 to 1,100 in 2015 - Are you ready for 100?
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