CHART: Australia’s Elderly Are Among The Developed World’s Poorest

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Getty/Sean Gallup

Here is an amazing chart, one which shows Australia has one of the worst rates of poverty in older people in the developed world.

The chart is part of a detailed 193-page report from Bank of America Merrill Lynch (BAML) on the Longevity Revolution which looks at the global impacts of an ageing population.

Life in Australia for older citizens is tough when compared not only to the Nordic region and France, which many would expect, but also to the UK and the US.

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BAML says:

“Good management of ageing is within reach of all governments: that limited resources need not be a barrier to countries providing for their older citizens, that a history of progressive social welfare policies makes a difference, and that it is never too soon to prepare for population ageing.”

A running thread in the report is that action in the key areas of income security and health is essential.

Australia’s 14th place overall comes with a very solid health outcome of 4th on the global list but terrible 57th for income security in old age.