Growing old is no longer graceful

Getting old in Australia is ‘sometimes shameful, always hidden and certainly not celebrated’, new research shows.

Older Australians are the most pessimistic about their future ­finances and care arrangements. Picture: iStock

Getting old in Australia is “sometimes shameful, always hidden and certainly not celebrated”, making people anxious about planning for retirement, says consumer research commissioned by the federal government.

Not only is there deemed to be an entrenched ageism in society, but circumstances are changing to the apparent detriment of older Australians, who are the most pessimistic about their future ­finances and care arrangements.

“The path to seniority used to be clear: work hard, then stop fully and — hopefully — enjoy life without limits again,” says the research, obtained under Freedom of Information laws.

“Now the start lines and the boundaries feel different: the new normal includes both continuing work past ‘normal’ retirement age, yet often work life being cut short against people’s will too.”

The loss of job security, the emergence of the gig economy, and the need to sometimes work past ­retirement age has people worried about the future, yet not knowing how to plan for it.

“Most aspire to the idea of saving up to retire,” the research stays. “Seniors share that past a certain age. The Great Australian Dream shifts from outright home ownership to self-funded retirement. As such, the ‘normal’ trajectory for those who can afford it is already to save up to the ‘magic figure’ with a wide combination of investments and what they see as smart ‘tricks’, from (self-managed superannuation funds) to property to extra contributions.

“The less wealthy, however, are more summary in their preparation. All know that superannuation is a key way of providing for senior years and there is a broadly shared sense that once this box is ticked, they have a safety net that will, hopefully, provide income for essentials — everyday expenses that constitute the basis of a modestly comfortable life. However, the thinking often stops at the essentials and does not extend to the extras.”

The research by Bastion ­Insights, involving 20 focus groups and an online survey of 3000 people, was intended to influence government work to promote healthy ageing.

It found people expect government to provide a modest pension for senior citizens and, if policy changes are required to make the system sustainable, that they not unduly affect those too old to make alternative arrangements. There was also a view that where government expected people to be more flexible, it should reciprocate by making its programs flexible.