Australia: 12m people anxious about inadequate savings for retirement
Source: Asia Insurance Review | Dec 2022
Three in five (62%) Australians – equivalent to over 12m people – are concerned about not having enough money in retirement, according to new research by Finder, a personal finance comparison website.
Finder’s national survey of 1,057 Australians found that a worrying 28% admit they do not think they’ll have enough superannuation funds to stop working. Just 18% of respondents believe they have amassed enough money to retire comfortably.
Finder superannuation expert Alison Banney said insufficient superannuation is a growing problem. “Millions of Australians are not actually able to save enough to walk away from their jobs. Most people aspire to retire in their mid-60s – but many don’t have enough for a comfortable retirement. The cost-of-living crisis has made it especially hard to plan for,” she said.
Men are much more assured about their ability to afford to retire, with 26% confident they have enough money to live well in retirement, compared to only 11% of women.
Finder’s research revealed only 18% of Australians make additional salary sacrificed contributions to their superannuation. Those who are putting away extra savings are contributing A$713 ($461) a month on average.
One-third of Australians (34%) said they will ‘manage’ but will have to cut back on spending. A