The top concerns for older Aussies as the Federal Election looms

As the Federal Election draws near, Aussies are turning their attention to the issues that matter most to them and how these will shape their vote.

For older Australians, the primary concerns and key election issues are inflation, healthcare and energy policy according to a recent survey from Money.com.au.

The cost of living is the top concern for 59 per cent of respondents, followed by reducing healthcare costs (13 per cent) and energy and renewables policy (12 per cent).

Money.com.au’s Finance Expert, Sean Callery, says the results indicate older Australians are focused on “making sure their dollars stretch further into retirement.”

“Older Australians are more worried about the cost of seeing a doctor and keeping the lights on. For many, the big financial milestones are behind them. Now it’s about protecting what they’ve built,” he said.

“Our survey even found reducing healthcare costs and energy policy eclipsed traditional economic issues for older Australians like superannuation (3 per cent).”

These concerns should come as little surprise, especially in light of a recent report that revealed the age pension is no longer sufficient to cover even basic living expenses.

This alarming trend was highlighted in the latest Cost of Living Longer Report 2024, commissioned by Australian Seniors in partnership with research group MyMavins.

The study surveyed over 1,000 Australians aged 50 and above, revealing the impact of inflation and rising costs on those relying on the age pension.

Alarmingly, the study found that nearly three in five (58 per cent) are facing moderate to severe financial challenges due to rising costs, with one in 10 (10 per cent) experiencing severe difficulties.

With the cost of living continuing to climb, seven in 10 (69 per cent) now fear that the age pension alone will not be enough to live on.

The financial strain has left nearly three in five (59 per cent) struggling to pay for essentials such as utilities and groceries.

Even more concerning, one in five (20 per cent) have delayed or forgone medical treatment due to costs, placing their health at risk.

Understandably, these difficulties are taking an emotional toll, with around two in five (43 per cent) reporting a decline in their quality of life over the past two years. For 21 per cent, this decline has been considerable or severe.

As older Australians grapple with these financial concerns, they now have just weeks to decide which party will best address these challenges, following Prime Minister Anthony Albanese’s announcement that the Federal Election will be held on May 3.

Albanese will be aiming to secure back-to-back victories, hoping to become the first prime minister since John Howard to win consecutive elections. Meanwhile, Peter Dutton will be striving to lead the coalition back to power after just one term in opposition, with hopes of becoming Australia’s 32nd prime minister.

While it’s still early days, polls are predicting a tight contest between the major parties, with minority government appearing to be a likely outcome.