For many Australians, aging can be a difficult process that brings with it many challenges. A new study has revealed that the prospect of moving into aged care is something that makes many older Australians highly anxious.
Four out of five Australians over 65 believe they aren’t prepared for the transition into aged care. More than half of those surveyed are concerned or very concerned about moving into aged care.
Overwhelmingly, studies show that older Australians prefer to receive care in their own home rather than enter an aged care facility.
So, what are their top concerns, and what can be done to address them?
What are older Australians concerned about?
Chief among their worries are financial concerns. Three out of four older Australians believe aged care will diminish their health and children’s inheritance. For many, the cost of going into aged care and how they will pay for this is behind their preference to receive care at home.
A study by National Seniors Australia revealed that financial insecurity in retirement is a key driver of mental health issues among older Australians. However, it’s not just finances that make older Australians nervous about moving into aged care.
Health is another key concern. Many older Australians are concerned about how their healthcare needs will be managed in an aged care facility.
In addition, relocating and the change that is associated with this is a source of anxiety for many older Australians.
Are these concerns justified?
According to experts, much of this anxiety is unnecessary. In recent decades, house prices have increased dramatically, with many older Australians owning their own home. In addition, Australia’s superannuation system has grown in strength over the same period. As a result, many older Australians are more financially secure than they believe. In fact, many older Australians pass away with the majority of their retirement savings intact.
Tips to reduce aged care anxiety
• Try before you buy: Family members should encourage their loved ones to visit different aged care facilities to see which facilities might be suitable for them. This can help reduce negative misconceptions of what it would be like to live in an aged care facility. Some facilities even offer the option of staying a few nights to see whether or not you like the facility. Ideally, this process should begin before care is urgently needed, allowing more time to make an informed decision.
• Simplified financial system: Much of older Australians’ anxiety about finances stems from the fact that Australia’s pension and retirement system can be complex and difficult to navigate. Experts say Australia’s retirement system should be simplified to make it easier to understand. For example, there should be a single means test for income and assets for older Australians. In addition, aged care facilities should avoid hidden fees and be upfront about the fees that prospective residents are required to pay.
• Early financial advice: Superannuation funds have traditionally focused on accumulation with less emphasis on increasing the financial confidence of members. It’s crucial that financial advice is provided to individuals well before they reach retirement age, empowering them to make informed decisions about their future.
Aging brings enough challenges without adding unnecessary stress and anxiety into the mix. Reducing anxiety in older Australians allows them to focus on the things that matter most in their later years: spending time with family and friends and enjoying the highest quality of life for as long as possible.
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Article References
Herde, C (25 November 2024) ‘Four out of five older Australians preferring to age at home and not go into aged care: survey’, The Australian, accessed 25 November 2024.
Howes, M (25 November 2024) ‘Taking aged care financial anxiety off the table’, The Australian, accessed 25 November 2024.