Older Australians
Australians are enjoying longer lives, better health overall, and many are working until later in life. However, these benefits are not evenly shared across the population.
For those that do not own their own home at retirement, there is a greater risk of financial stress and homelessness. With housing affordability and rates of homeownership among younger demographics declining, the proportion of retirees at risk of financial distress and poverty will increase.
A recent National Seniors Australia survey revealed that many older Australians are worried they will outlive their savings and be unable to cover future medical costs. The recent Royal Commission into Aged Care highlights the need to assist individuals and their families/carers plan for secure care in later life as well as to navigate the associated financial costs and government support requirements.
Access to appropriate financial products and services also presents challenges, with older Australians being more vulnerable to misinformation, scams and pressure-selling tactics.
There is a clear need to address the complex factors which contribute to the financial capability and wellbeing of older consumers, and find solutions which help generations be better prepared to face their financial future.
Below is a selection of Ecstra Foundation partnerships aimed at helping older Australians build their financial wellbeing now, as well as preparing consumers for their ageing future.
The Baby Boomer’s Guide to Life in the 21st Century
Podcast and radio show for older Australians
The Baby Boomer's Guide to Life in the 21st Century is an Australia wide podcast and radio show for older Australians, focusing on healthy aging and financial wellbeing.
Following the success of Season 2, Ecstra provided further support for Season 3, which builds on issues including the economics of ageing in Australia, elder financial abuse and much more.
In 2022, presenters Lex Marinos OAM and Patricia ‘Little Pattie’ Amphlett OAM won the Senior Influencers of the Year Award for their work on Baby Boomers Guide at the NSW Ministerial Advisory Council on Ageing, Health and Lifestyle award.
The Baby Boomer’s guide is distributed through the Community Radio Network which accesses around 400 stations across Australia. The guide is supported by the Older Women's Network NSW and can be downloaded here.
Feb 2021 - Feb 2023
Good Shepherd
Circuit-breaking long-term poverty for older women: An integrated ageing well coaching intervention
Good Shepherd Australia New Zealand (GSANZ) addresses the critical, contemporary issues facing women, girls and families. GSANZ worked in partnership with Fitted for Work to deliver one-on-one financial coaching and targeted support to 80 older women who became unemployed as a result of COVID-19.
Each coaching service explored individual employment and financial security goals within a holistic framework of strengths-based future planning.
Jul 2020 - Aug 2021
Australian Multicultural Community Services
Money talks for Better Ageing project
Australian Multicultural Community Services (AMCS) provides help at home and other support services to older consumers and their carers in Melbourne and Greater Geelong.
This project raised awareness of financial abuse among older people from CALD backgrounds. Ecstra’s funding enabled AMCS to build the capacity of its staff to understand and identify financial abuse, deliver co-design workshops to inform the development of multilingual resources (including videos and fact sheets in 6 languages), and to test the efficacy of these resources. The project reached at least 1,500 people across Victoria.
Oct 2020 - Aug 2021
Northern Suburbs Community Legal Centre
Prevention of financial abuse – women and older people
Ecstra’s support enabled Northern Suburbs Community Legal Centre (NSCLC) to employ a Financial Advocate and Educator for 2 years to work collaboratively on building evidence on prevention of financial elder abuse in Western Australian. This included working with the Centre for Social Impact and the Victorian Economic Abuse Reference Group (EARG) and NSW (EAGR), as well as providing education and advocacy programs for women and older people at risk of financial decision coercion.
Jul 2020 - Aug 2022
Seniors Right Service
Raising awareness about financial abuse of older people
Seniors Rights Service (SRS) protects and advances the rights of older people, particularly vulnerable and disadvantaged groups. SRS undertakes various support and advocacy activities, including a dedicated financial hardship service with legal and social workers addressing financial abuse.
Ecstra’s grant enabled SRS to implement an awareness raising campaign across NSW focused on the financial abuse of older people during and after COVID-19. This included information and resources made available in four languages.
May 2020 - Jan 2021
Griffith University
Preventing elder financial abuse
Lead by Dr Tracey West from Griffith University and informed by her research regarding elder abuse and related complaints data, this project included the development of practical resources (such as videos) to inform the community and professional services about how elder financial abuse is perpetrated. Focus areas included Powers of Attorney, access to accounts and wills, together with suggested protection strategies.
Nov 2020 - May 2022
Gippsland Cluster of Men's Sheds
Financial capability for older people
Ecstra’s funding supported the Gippsland Men’s Sheds Cluster (44 men’s sheds) to develop and distribute easy-to-understand financial capability resources (including videos and/or podcasts) for older men. Once trialed in the Gippsland region, the resources will be made available state-wide, with potential for national roll-out through the men’s shed networks.
Jul 2020 - Aug 2023
University of Sydney
Improving the financial decision-making of older consumers
This project built on research funded by Dementia Australia involving digitising a Test of Financial Skills tool which assesses financial skills in older consumers. For example fraud detection, paying bills, handling cash, and financial judgement and management.
On the basis of their results, participants received targeted recommendations for education and support matched to outcomes, helping improve their financial capability and decision making.
Jan 2021 - Dec 2021
Queensland University of Technology
Strengthening self-managed super funds
Led by Dr Cassandra Cross, this project aimed to strengthen self-managed superannuation funds (SMSFs) against fraud victimisation. The project used a combination of an online survey and consumer interviews, to establish a baseline of data on levels of financial literacy, awareness of fraud, and victimisation experiences of SMSF holders to fraud.
Mar 2019 - Dec 2020
University of South Australia
Financial decision-making for older people
Ecstra’s funding supported a multi-disciplinary team to develop an Assurance Information Package (AIP) with practical strategies for informed financial decision-making for older people in times of crisis. The AIP will be distributed to financial services, aged care providers and advocates.
Jun 2020 - Dec 2021
Macquarie University
Do older Australians make optimal payment decisions when entering residential aged care?
The Macquarie University’s Centre for the Health Economy (MUCHE) team led by Dr Henry Cutler investigated whether people make optimal accommodation payment decisions when entering residential care, factors impacting those decisions, and potential opportunities to improve payment decisions.
Feb 2019 - May 2021
Macquarie University
The nexus between Retirement Villages and Aged Care
Following on from the retirement villages calculator project, Dr Kyng’s team investigated the financial risks for residents when relocating from a retirement village to other accommodation, particularly aged care, and produced educational financial literacy resources for consumers.
Feb 2019 - Nov 2020
University of South Australia
The financial capability of older people
A team led by Dr Braam Lowies conducted research through 62 individual consumer interviews on the financial capability of older people, with a focus on home care packages and choosing financial products. Read their report here.
Jun 2020 - Dec 2021