Older Australians overwhelmingly feel worse off compared to three months ago as the oil crisis and Labor’s cost-of-living crunch eats into their quality of life.
Exclusive new polling found 50 per cent of retirees said their financial situation has declined compared to three months ago.
No retirees surveyed in the latest Sky News Pulse, conducted by YouGov, said they felt better off.
Another 49 per cent of this group said they felt no change, while one per cent said they were unsure.
These shocking findings were contained in a survey of 1,500 voters between April 28 and May 5 amid the oil crisis and high inflation.
Diesel prices have lifted more than 70 cents per litre compared to February and petrol prices are up about 15 cents per litre, according to the Australian Institute of Petroleum.
The oil shock hits alongside high inflation, which was present in the economy before the Iran war.
The Reserve Bank of Australia was forced to hike interest rates for a third consecutive time on Tuesday to tackle the skyrocketing prices.
This rate hike will only force households to further tighten budgets which continue to be strained.
When looking at all groups, 47 per cent of Australians said they were worse off compared to three months ago.
Another 43 per cent said there was no change and just seven per cent said they felt better off.
Financial pressures appear to have grown as respondents who were asked this question in early March felt somewhat better about their financial position.
About 42 per cent felt worse off, while 49 per cent reported no change and seven per cent still felt they were in a better position.
In the latest poll, younger generations were comparatively doing better than their older peers.
About 11 per cent of Generation Z and 12 per cent of Millennials reported being in a better financial situation compared to three months ago.
Yet 47 and 41 per cent of Boomers and the Silent Generation respectively felt worse off and zero respondents in either generation reported an improvement.
Older Australians feeling worse off comes as Labor boasts of tackling “intergenerational equity” in its upcoming budget.
The government uses this language to soften up Australians for planned changes to the capital gains tax discount and negative gearing.
These changes are aimed at making housing more affordable for younger generations, however, some older Australians have argued against the stereotype of the “rich boomer”.
Victorian real estate agent David Wynack said older generations have been encouraged to invest in property to make up for a shortfall in the superannuation system.
“The housing system was not designed to make Boomers rich,” Mr Wynack told The Senior.
“It was designed to keep us off the pension. The wealth boomers have accumulated in property is not a bonus – it is our superannuation.
“We did what the government told us. Now they want to punish us for it.”
Meanwhile, a report from charity organisation COTA Australia revealed that one in four older Australians are living in poverty.
COTA chief executive Patricia Sparrow said the “rich boomer” stereotype needed to be put to rest.
“For every older Australian living comfortably, there’s another counting every dollar, skipping meals, or even putting off healthcare,” Ms Sparrow said in a statement.
In the latest Sky News Pulse, working class Australians were faring much worse economically than those in a higher income bracket.
About 63 per cent said they were poorer, compared to 33 per cent for middle class Australians and 18 per cent for those deemed ‘well off’.
Australians in the latter class were the only group where more respondents said they were doing better than three months ago.
The poll also revealed a three per cent improvement for Labor’s primary vote, while One Nation fell three per cent and the Coalition lifted one per cent.