Rising wealth leaves more of us behind

For older Australians, this is particularly important. Many have benefited from the two pillars of retirement security: home ownership and compulsory superannuation. 

UBS ranks Australia highly for median wealth, with property and super helping lift household balance sheets. But the fall in median wealth suggests that even these strengths are no guarantee against growing inequality in later life.  

Superannuation remains one of Australia’s great policy achievements. Research by National Seniors Australia (NSA) and the Super Members Council found that older Australians overwhelmingly value the system: 79% said super was “very important” to their retirement planning, and three in four believed they would not have saved as much without compulsory super. 

However, confidence in the fairness of the system was lower, with only 60% endorsing its equity. Women, people in poorer health, and those with less formal education were less confident, reflecting the reality that interrupted careers, low wages, and caring responsibilities often lead to smaller balances.  

The UBS findings therefore raise a warning: superannuation helps, but it does not erase inequality. 

People who owned property early, earned higher incomes, or enjoyed stable full-time work have generally accumulated more wealth. Those who rented, divorced, cared for others, worked casually, or experienced ill health often enter retirement with less. 

Research from the Bankwest Curtin Economics Centre has similarly found that inequality among older Australians is shaped by several factors, including superannuation, housing, the Age Pension, and health costs.  

This is where NSA’s affordability research adds a human dimension. In a 2026 survey of more than 4,000 seniors, the biggest cost concerns were general insurance, power, healthcare, and private health insurance. 

The pressure was not evenly spread: only 20% of full pensioners reported no affordability concerns, compared with 59% of self-funded retirees.  

The message is clear. Australia may be getting richer overall, but many older Australians are not becoming more financially secure. 

A fair retirement system must look beyond headline wealth and ask whether seniors can afford the essentials of daily life. 

Superannuation is vital, but it must sit alongside affordable housing, adequate pensions, accessible healthcare and policies that recognise the unequal paths people take into retirement. 

Related reading: The Guardian, UBS, ABC, NSA, BCEC