Royal Commission highlights retired Australians desire to live at home
Household Capital welcomes the government’s Royal Commission into Aged Care and looks forward to meaningful and urgent reform of the aged care industry.
Says Dr Joshua Funder, Chief Executive Officer of Household Capital, “The challenge of meeting the needs of an aging population will only be met when we come together to ensure that older Australians have access to appropriate housing, funding, care, companionship and community. For some, residential aged care is a necessity; we need to make sure adequate public funding is available to restore dignity to this part of our lives.
“By far the majority of older Australians want to age at home – our research shows that the vast majority of Australian retirees prefer to stay in their own home,” says Funder.
Household Capital’s 2020 Retirement Outcomes Survey showed that 73 percent of homeowners aged over 60 wish to remain in their own home. This was true of respondents from all geographic areas of Australia, and of both men and women.
Dr Funder continues, “To fund aged care, in-home care, and improve aged housing, the federal Retirement Income Review was right to highlight the importance of providing responsible, long-term access to home equity as the third pillar of our retirement funding system. Older Australians are now using their home equity to double their superannuation or boost retirement income, and put together a wish list of renovations and adaptations that will make their home safe for the rest of their lives. Home equity is now routinely used to fund healthcare expenses, in-home care packages and the transition to residential aged care.”
Living at home and in community has long been proven to maintain independence and physical wellbeing. Taking care of yourself, bringing together your family and looking after your own home bring a whole host of lifestyle and wellbeing benefits.
Dr Funder says, “With Household Capital the home can be both the best, safest and healthiest place to live and a great way to fund retirement.”