Generational split on issues of ageing

New research shows Australians fear the loss of independence that comes with getting old.

Cognitive and physical decline lead the reasons why we say we are afraid of growing old, followed by loss of independence and not having enough savings.

Will you admit to FOGO? Australians have a fear of getting old that outstrips any benefits they see from ageing, a new study shows.

Cognitive and physical decline lead the reasons why we say we are afraid of growing old, followed by loss of independence and not having enough savings to enjoy a comfortable retirement, the ­report finds.

Medical costs, losing a partner and social isolation are also high on the list of concerns for people about ageing.

On the flip side, Australians nominate having more time to pursue leisure activities, travel, and interact with family and friends as the biggest pluses of getting older, along with no longer having to work.

The national survey of almost 600 Australians aged between 18 and 88 by care provider The CareSide finds more than eight in 10 people nominate declining cognitive function and physical health when asked what they fear about getting old.

About two-thirds also cite the potential lack of finances as a significant issue, but fewer are worried about a lack of purpose in their life (32 per cent) or a ­decrease in libido (25 per cent).

The study reveals significant differences in the hopes and fears about ageing between older and younger Australians.

For instance, 74 per cent of Australians say they fear losing independence in old age, including no longer being able to undertake routine tasks such as cooking, bathing and driving, but this is the biggest worry for people ­already over 65. People 65 or under are much more concerned about not ­having enough savings to manage their retirement than those over 65.

 

On the positive side, more than 70 per cent nominate more time for leisure, more travel and more time with family and friends as their top answer when asked what excites them about the prospect of getting older. And almost two in three say they are excited about not having to work any more.

Again, the responses differ ­depending on age, with younger people much more likely to nominate no longer having to work or being able to spend more time ­engaged in travel or leisure than older Australians.

“The data reveals the gap ­between expectations and ­reality,” The CareSide chief executive Gareth Mahon said. “Young people tend to romanticise their older age, ignoring ­issues like failing health, thinking they will enjoy not having to work and believing they will spend lots of time travelling. But as people get older they are more realistic.”