Only 21% of Australians believe they have saved enough for a comfortable retirement; yet Aussies are the least active in managing their savings, with only 38% of Australian Baby Boomers seeking information on retirement funding, compared with the global average of 50%, according to HSBC's Future of Retirement report.
HSBC Australia’s head of wealth Scott Ellis said: “Our research also showed Australians are not taking advantage of the many resources available online for managing their retirement. Only a quarter of working age people surveyed had researched options online, compared to 35% globally.”
He notes that Australians of working age are the third least likely to actively move their money to increase their returns, and Australian members of Generation X are risk averse when compared to members of the same generation internationally.
“Planning your own finances is complex and can feel overwhelming, but ignoring the opportunities and many free resources available could end up costing you more in the long term,” he said.