Older Australians stealing essential items, fear pensions are not enough to live on

Some people from one cohort are reporting having to steal essential items more frequently to survive the cost-of-living crunch.

More and more older Australians’ quality of life has fallen in the past two years as a small number report they have stolen essential items to get by, new research finds.

A report commissioned by Australian Seniors has found the pension is only covering 76 per cent of monthly expenses, and 40 per cent of over 50s report a decline in their quality of life since the start of 2023.

Community groups and online communities has replaced expensive outings to restaurants, cafes and cinemas, which 79 per cent of those surveyed are finding unaffordable.

Almost 70 per cent of Australians over 50 fear their pension will not be enough to live on. Picture: iStock

“While these low-cost alternatives and free community events grow in popularity, the cost of maintaining social connections remains a concern” Meals on Wheels NSW president Carolyn McColl said.

“As the cost of living continues to rise, many Australian seniors are finding that the aged pension is no longer enough to cover their basic expenses, leading to widespread financial stress.”

The report shows 69 per cent of over 50s fear the pension alone will not be enough to live on amid high inflation and interest rates.

Aged Care Minister Anika Wells and the federal government pushed huge reform through parliament this year. Picture: NewsWire / Martin Ollman

People aged over 50 are choosing not to have medical treatment. One-in-five people surveyed have delayed or abandoned plans for medical treatment due to costs.

Four per cent also reported stealing essential items.

The survey polled more than 1000 Australians over the age of 50 and paints a grim picture for our ageing population.

More than half – 58 per cent – fear their retirement savings will be insufficient.

There is also a stark divide along gender lines. Three-in-four people are cognisant of the inequitable gap between male and female superannuation balances. More than 40 per cent of women believe the gender gap will leave them – or indeed has left them – without enough money for retirement.

In September, the federal government passed legislation for a massive reform to aged care.

The $5.6bn shake-up mainly helps people live independently in their homes for longer.

The changes include a “no worse off” benchmark in which people already in aged care will not have to pay more for their care.

The vast bulk of the investment goes to more at-home support services. In September the maximum pension rates rose. A single person can get a maximum of $1144.40 per fortnight and couples $1725.20.

Pensions are indexed twice yearly based on the consumer price index or the pensioner and beneficiary living cost index, whichever is higher.