Why retirement living is a serious issue in Australia?
Aug/30/2022 19:15:16
Retirement became one of the major issues due toincreasing ageing population in Australia. In fact, according to the Australian Bureau of Statistics, the number of people aged 65 years and over increased by almost 20% between 2011 and 2021. There are many other reasons why retirement is a serious issue for Aussies that we will be discussing below!
1. Low birth rate
In addition to the increasing elderly population, the low birth rate in Australia is also causing concern. The population is aging faster than the rate at which births are occurring.
2. High cost of living
With the rising costs of housing, education, healthcare and transport, many Australians struggle to afford their everyday expenses. According to the Grattan Institute’s report ‘Retirement Living Costs in Australia’, the average cost of living for retirees is $55,000 annually. This includes housing, food, clothing, utilities, transportation, healthcare, and leisure activities.
3. Growing demand for long term care services
As the population ages, the demand for long term care facilities increases. However, the supply of these facilities remains inadequate.
4. Poor quality of life
Aging is associated with declining physical and mental health. As the population ages, the risk of chronic disease rises. The Grattan Institute‘s report ‘Healthy Retirement – Achieving Optimal Health Outcomes for Older People’ indicates that the prevalence of chronic conditions among older Australians is high.
However, these issues are reducing with the development and modern changes such as making retirement homes and senior living communities where retirees can enjoy a peaceful & stress-free retirement living at fair costs.
Posted by Anonymous
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