TCA Connect 2024 - Intergenerational impacts of the cost of living crisis

Our first webinar for 2024 "Intergenerational impacts of the cost of living crisis", drew on recent research to center the experiences of both older and younger people and explored the important role service and support providers played in supporting members of our community at all life stages.

Concerningly, making ends meet was a primary worry for people across the country, regardless of age or life stage*, and unique intergenerational impacts of the cost of living crisis were observed.

Financial instability and the cost of living were highlighted as the number one concern for younger people in NSW in 2023. This recent research showed 50% of young adults resorted to taking on further credit debt to manage rising expenses, whilst many tried to manage by traveling less, working extra hours, or going without groceries. Younger people also keenly experienced the stress of expensive and insecure housing, rent increases, unemployment, and access to work.**

Older people faced their own set of stressors and increasingly felt less optimistic about the future. One in five older people had overdue bills, with energy bills being the key cause for concern. Around a quarter of older people who were still working felt they would never retire, with those in financially precarious positions significantly more likely to feel this way.* Access the text transcript of the Intergenerational impacts of the cost of living crisis webinar here.