Get more from your money with up to 5.05% p.a. interest

with a National Seniors Term Deposit account

How is the rising cost of living affecting you?


New results from our National Seniors Social Survey of people aged 50+ show that low-income households and renters have been affected most by recent cost-of-living increases.

Sign up for the Connect newsletter

Key Points


  • 80% of people aged 50+ have been impacted by increased living costs.

  • 90% of older people are concerned about keeping up with living costs. 

  • Renters, low-income households, rural and remote households, larger households (3+ people) and households where the respondent was aged in their 50s were the most likely to experience severe impacts from rising living costs.

Results from the latest National Seniors Social Survey (NSSS-11) reveal that 80% of older people have been impacted by increasing living costs, with the number who are “severely” impacted expected to rise over the next 12 months.  

Our national survey of 5,700 people aged 50 and over showed more than 90% of respondents were concerned about keeping up with the rising cost of living, with one-quarter being extremely concerned.  

Health costs, energy prices and groceries were the three top worries. Housing affordability was also a concern, particularly in the long term. 

Severe cost-of-living impacts were felt across all income levels and age groups but the lowest income households and people in their 50s were hit the hardest. Renters, people living alone or in households of three or more people, or those living in a non-metro area were also particularly affected.