The ‘haves’ and the ‘have nots’ Lisa Langley COTA New South Wales

Some older people are doing well, but there are a growing number of people who are not doing so well. Our survey shows the diversity of the housing circumstances of people living in NSW.

Its more than ‘just about housing’ Secure housing tenure is integral to a persons long term health and well being An individual’s housing situation tends to reflect their overall circumstances Gender, employment education and martial status all influence how a person lives

What we found Our consumer survey supports some things we already know but also offers some new insights Disadvantage among some older people in NSW is growing Currently there are no strategies to deal with this problem

Being partnered pays off Partnered respondents enjoy better financial circumstances and more secure housing status Those respondents who lived with a spouse/partner also reported a higher quality of life rating Respondents who lived with their children or parents had a lower quality of life rating

Not all people are partnered More people are predicted to be ageing alone in the future for a variety of reasons 25% of our respondents were single Home ownership dropped for those who were single (60% c/e 80% married/partnered) Living alone increased with age/gendered Implications for retirement, caring and aged care

Divorced and disadvantaged Only 25% reported a household income of over $50,000 per annum They were more likely to be living with their children or parents Those living with their children or parents, without a spouse or partner, were also the least likely to rate their quality of life highly

The gender lens Men were generally better off They were more likely to be partnered They were more likely to be retired and living on superannuation as their main source of income than women

The gender lens Women were worse off than men Women worked longer and had less superannuation They were more likely to be living alone Women were over represented in the lowest income group with almost 35% of female respondents indicating they received less than $25,000 pa This is concerning considering our sample was relatively more highly educated than the general population

The gender lens Our findings support other research that warns of a growing number of single women entering old age with significant disadvantage These women may have always been single or may be divorced (widowed women appear to do relatively better) Divorced respondents were significantly disadvantaged in our survey Many do not own their own home Women are the ‘canaries in the mine’ and the harbingers of a future underclass of disadvantaged older Australians

Secure housing tenure The latest report issued by the Australian Institute of Health and Welfare, Australia’s Welfare 2013, confirmed the importance of secure, affordable housing in terms of people’s over all ability to age well. Those respondents in our survey who owned their own home rated their quality of life more highly than those who rented. Respondents who paid rent or board were the least likely to rate their quality of life highly.

There is a clear correlation between housing tenure and satisfaction with housing circumstances

Renting is not a choice for most 20% of respondents paid rent or board Most rented in the private rental market Those in the younger age groups were more likely to be renting. However, even in older age groups renting remained at about 10% The majority said they rented because they couldn't afford to buy a home So renting was not a choice

Thinking about retiring?

Thinking about retiring? When respondents who had not yet retired were asked when they thought they would retire, over 25% indicated they would not retire until after 70 years of age Unemployment is rising five times faster for Australians in their 50s than for those in their 20s according to the Dept. of Employment COTA NSW is particularly concerned with the growing number of older Australians who cannot afford to retire but may be unemployed in their 50s

Who will care for me? One in five people hadn't thought about who would care for them Those who were single or divorced were most likely to expect help from community services Women were far more likely than men to nominate community services as their most likely source of future support Men generally expected that their partner would care for them

Decision making and housing We sought to investigate the decision making processes of people in relation to their housing choices and where they chose to live There were a lot of ‘I don’t knows’

Planning ahead pays off Our consumer research has shown us that those who plan ahead are often better off when they retire. This supports other research. But older people are often stymied in their efforts to make appropriate choices about housing and location as they age due to a lack of reliable, high quality information.

Home Options Advisory Centre COTA NSW supports the development of a Home Options Advisory Centre that provides homebuyer information, education and financial literacy programs to help people make better decisions about their housing future. The centre would also provide information to homebuyers about the pros and cons of various forms of housing tenure.

What to do? We cannot assume that everyone will grow old owning their own home, with a secure job and then a hefty superannuation and retirement package. Our survey shows this is simply not the case. There is a wide chasm between the ‘haves and the have nots’ and its getting wider. We are concerned for a future where a growing number of people ageing in New South Wales will not have secure housing tenure.

What’s to be done? The COTA NSW Pre-Budget Submission, to be released shortly, discusses the issues and offers some recommendations for making sure the future housing needs of older people, living in NSW, are addressed. Thank you