The latest research into Australians’ thoughts about retirement has revealed close to one-third of those surveyed, 31.7 per cent, believed they would experience a large financial shortfall during that time of their lives.
Furthermore, the “MLC Retirement Survey” found 25 per cent of participants were expecting a monetary shortage in retirement.
At the other end of the spectrum, only 3.5 per cent of respondents thought they would have more than enough funding to maintain their current lifestyle throughout their retirement years.
The research showed men were more optimistic about the adequacy of their superannuation balances, with 37.4 per cent feeling they would have at least enough to retire. Specifically, men aged between 18 and 29 were most comfortable about their financial situation in retirement.
In contrast, 36 per cent of women surveyed thought they would have significantly inadequate savings when they retired. Areas of concern for women when considering their retirement savings included inflation, losing money and fees.
“It’s encouraging to see Australians thinking more about superannuation, but as the survey suggests, there’s still not nearly enough being invested for retirement. Over 56 per cent of respondents expect to have at least some or a major shortfall at retirement,” NAB Wealth group executive Andrew Hagger said.
“Australians wanting to take control and get active in their retirement savings should seek financial advice to get the help they need to reach their goals.”
The report also found 70 per cent of those surveyed did not take major illness or periods of unemployment into account when assessing their retirement plans. In comparison, only 8.5 per cent of those who took part in the research actually gave those financially damaging setbacks some thought when looking at retirement.
The “MLC Retirement Survey” was based on interviews with 2000 Australians about their attitudes on the subject.
