Savings for seniors now a 'mouse click away'

author-avatar By on September 03, 2021
Savings for seniors now a 'mouse click away'

The calculator allows seniors across Australia to find out how much money they can save in health, energy, transport, car rego costs and more.

Through the new calculator from National Seniors Australia, seniors are able to simply register their state, and any concession cards they hold, to view discounts and savings for their region.

For example, Queensland gives Seniors Card holders access to a $340 electricity concession.

Other states offer a concession for LPG bottled gas. 

National Seniors' Chief Advocate Ian Henschke said the calculator is a game changer for older Australians.

"The National Seniors Concession Calculator is free to use for all Australians at a time when seniors are under increased cost of living pressures," Mr Henschke said. 

"The Concessions Calculator is a one stop shop for seniors to discover how much money they can save and the concessions they are entitled to.

"No longer will they have to wade through multiple websites or lengthy phone calls to find out about their concessions."

Mr Henschke also said that they will regularly update the calculator as concessions change or more are added. 

According to a National Seniors Australia report, many older Australians rely on concessions to help meet their day-to-day living costs. 

Earlier this year, National Seniors Australia called on the Federal Government to lower the interest rate on the governments reverse mortgage scheme for retirees. 

The interest rate being charged on the Pension Loans Scheme is currently 4.5%, which the group said is a deterrent for asset-rich, cash-poor retirees and is out of step with the official Reserve Bank cash rate of 0.10%.

According to Australian Institute of Health and Welfare figures, a quarter of Australians don't own their home by the age of 65.

This puts pressure on legislation to support an ageing population that is expected to reach 22% by 2056 according to AIHW - currently 8.6% of the Australian population is over 65.

The calculator can be viewed here: nationalseniors.com.au/concessions-calculator 


Image by Matthew Bennett via Unsplash

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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