Australians over 55 are feeling insecure about their financial future and might hold off planning their retirement, a new report has found.
Aged Care Insite spoke with Lead Researcher Dr Braam Lowies and Professor Kurt Lushington from the University of South Australia about how the pandemic had negatively affected older people's finances.
"It has certainly impacted their retirement plans and how they will spend their money," Lushington says.
"With the pandemic, people are feeling more stressed and I suspect the situation will expose more vulnerable groups [to financial hardship].
"And as people are approaching retirement, they are more anxious about whether they will have enough money."
The report underlines the need for further support to protect vulnerable groups during times of crisis.
"If we look at the current economic climate, I do think levels of fear and panic have increased and older people are now more exposed," Lowies says.
Tune in to the conversation with Lowies and Lushington on how older people who might be feeling nervous about their financial future can still look forward to their retirement.Do you have an idea for a story?
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