Many Australians over 50 feel younger than their actual age by almost eight years but are feeling worried about their future.
Based on the 2023 “State of the Older Nation” report released by the Councils on the Ageing (COTA)—which surveyed 2,750 Australians aged over 49 in an online survey in November 2022—67 percent feel they are 7.7 years younger on average than their actual age.
Despite this, many do not see noticeable health, social, or financial improvements.
In the physical health area, more older Australians (59 percent) felt better than in the 2021 survey (57 percent). But this was less than the 67 percent who reported good physical health in the very first survey done in pre-pandemic 2018.
For mental health, the rating increased from 72 percent in 2018 to 74 percent in 2023 but were still lower than the pre-pandemic 80 percent in 2018.
Although visiting medical centres, GPs, or nurses was the most common health need for older Australians, seeking mental health support has increased significantly since 2018.
More older Australians (67 percent) feel content in their social relationships than in 2021 (66 percent). But this was still less than the 72 percent reporting satisfaction with their social lives in 2018.
Meanwhile, almost 45 percent believe life is getting worse for them compared to 33 percent in 2021—a sharp increase of nearly 12 percent. In 2018, 41 percent felt that life was getting worse for the generation.
Only 60 percent felt optimistic about their future in 2023, compared to 65 percent in 2021 and 70 percent in 2018.
Regarding employment, 24 percent still working do not think they will ever retire, while 10 percent of the currently unemployed will consider joining the workforce again. Only 52 percent of older working Australians believe they will be able to retire at the age of 66.
While still in the workforce, 24 percent have experienced employment-related discrimination after turning 50. But the proportion of those experiencing it while seeking work has decreased to 18 percent—down from 21 percent in 2021.
More Feeling Pessimistic About Future
Since the survey started, there has been a steady decline in the expectations of older people about their future, from 70 percent in 2018 to 65 percent in 2021 and now, only 60 percent in 2023.Reported social, mental, and physical health has not returned to pre-COVID levels. Nearly one in five older Australians (19 percent) feel pretty worried about what the future holds for them, which is linked to poorer mental, physical, and financial health.
Despite the budget offering some relief for older Australians—with $36 billion allocated to aged care spending in 2023-24—many are worried about finances, particularly the housing crisis and their risk of homelessness.
“Ageism is a perverse challenge which permeates the lives of older Australians and sits underlying this wider trend of growing insecurity,” COTA chief executive Patricia Sparrow said.
“Though we are pleased with the outcome of this year’s federal budget, which provided some relief on the pressures older Australians are facing, there is still more to do,” Hughes said.
“The hip pocket of older Australians, especially older pensioners who rent, are still strained.”
She added that increasing Commonwealth Rent Assistance and timely increases to the pension would help boost their confidence and further reduce their financial stress.
This is the third landmark report on the experiences and views of older Australians by COTA.
The report is based on an online survey conducted by SEC Newgate Research firm, with a robust sample of around 2,750 Australians aged 50 and over across the states and territories from a range of metropolitan and regional areas.
