To get a taste for a possible life in the future, we decided to challenge three Australians to find out how prepared they are. Will they be able to keep the best of today?
Follow Ben and Jodie, Jacinta, and Raman who are armed with a camera, a selfie stick, and a budget that represents the average Australian Super Saving living allowance for their demographic at age 65.
That's the question Jacinta, a single mother of two, asked herself when she undertook the MLC Life Unchanging Challenge.
She documented her week-long journey, sacrificing her usual spends in favour of DIY yoga in the park, homemade cookies baked by her two girls, and more conservative choices at her favourite cafe. At times, even $20 proves "a bit too much".
"This challenge has taught me about my spending and my saving, and to start thinking about what I want in the future," Jacinta said.
Find out if they can make it through the week.
Based on insights from ABS and ASFA we have used the following assumptions to set the guidelines for Jacinta’s challenge.
Cost of living assumptions made via the calculator here.
These are assumptions only and not a forecast. Different assumptions would produce different results.