Older Australians’ household wealth rising: report

Australians aged 55–64 represent the wealthiest households in Australia, while those over 65 have experienced the fastest growth in household wealth, a longitudinal study has found.

The Household, Income and Labour Dynamics in Australia (HILDA) Report found that prior to 2014, the median wealth of people aged 65 and over was less than that of those aged 45–54, but by 2014 the former age group had overtaken the latter.

“This reflects the very strong growth in median wealth between 2002 and 2014 for the 65 and over age group, with the median increasing by 61.2 per cent,” the report read. “Growth was also strong for the 55–64 age group (39.1 per cent), but much weaker for the younger age groups.”

The HILDA study commenced in 2001. Each year, researchers interview about 17,000 Australians to create a picture of the nation, spanning topics that include household finances, employment, family life and health.

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