One in three Australians fear they won't be able to retire by the time they hit the age of 65, a study has found.
Only 13% of respondents said they felt in complete control over their retirement outcomes. A total of 17% said they would likely have to dip into their superannuation if they were suddenly unemployed or if they were unable to earn an income for more than three months.
Even more worrying, 27% of men and 33% of women revealed they had no superannuation set aside at all.
The study, which was conducted by the price comparison website Compare the Market, found that confidence in retirement changed dramatically with age, with Australians aged 45 to 54 most concerned about their ability to retire at 65. Millennials were found to be confident.
General manger of banking at Compare The Market, Mr Rod Attrill, said, 'The Age Pension age is increasing over the next five years from 65 to 67 years of age, putting Aussies under further pressure to improve their funding options if they want to enjoy any sort of an 'early' retirement.' The government-backed Age Pension is designed to provide income support to older Australians who need it. Currently, around 65% of older Australians rely on the Age Pension or another government allowance as their main source of income during their retirement.
The study polled 3,000 individuals around Australia to uncover their ability, willingness and sophistication to make a change to improve their financial well-being.