‘Super’ stress spells trouble for aged care, health services
Australia’s aged care and health service providers must prepare to counter ‘superannuation stress’, with a new survey indicating more than three quarters of the nation’s 5.6 million baby boomers are concerned about their ability to afford medical care.
Fujitsu Consulting’s survey, ‘Baby Boomers Attitudes to Superannuation and Health Care’, found 87% of Australians aged between 45-64 years are more worried about their superannuation, than they were 12 months ago.
Managing consulting director, Martin North, said the survey was built on Fujitsu’s 2007 report on the expectations of baby boomers, titled ‘A Generational Shift: The Next Wave of Aged Care’.
“One of the critical findings of our thought leadership paper was that baby boomers were ill prepared for the financial demands of later life,” Mr North said.
Six thousand baby boomers were interviewed earlier this year and most respondents valued their superannuation in the $200,000 to $400,000 range.
The survey showed that while some baby boomers will confidently be able to fund their retirement and health care, many will be looking towards family or the government, to cover health care costs.
“Health insurance was seen by many as too expensive an option. We expect to see a significant reduction in those using this source of funding, thanks to the recent budget changes,” Mr North said.
Other key findings of the survey include:
- 69% regard superannuation as their main future source of income
- 57% have no private health insurance
- 15% do not know how they will fund their healthcare needs.
