OLDER PEOPLE - INCOME
The economic wellbeing of individuals is largely determined by their command over economic resources including the income and wealth that is available to support their consumption of goods and services. Many older people own their homes and have accumulated other assets which can be used in retirement to support living standards. While the SDAC does not collect information about the level of wealth that has been accumulated, it does collect information about the income of older people.
In 2012, a government pension or allowance was the main source of income for two million older Australians (65%). Similar to those people aged 15 to 64 years, older people with disability were more likely to receive a government pension or allowance as their main source of income than those without disability (75% compared with 55%). People aged 65 years and over without disability were three times more likely to receive a wage or salary as their main source of income than those with disability (10.4% compared with 3.4%). (Table 8)
Over 75% of older Australians resided in a household with equivalised gross household income in the lowest two quintiles, while only 5.3% of older people were in the highest quintile of equivalised gross household income. (Table 8)