A study into Australians’ expectations for their retirement has shown those who regularly engage with their superannuation are more confident about their post-work lifestyles compared to those who do not.
The “AustralianSuper Retirement Confidence Study” found 46 per cent of respondents were confident they would live well during their retirement years. This figure rose significantly among those who regularly contributed to their superannuation accounts (58 per cent), reviewed their annual statements (56 per cent) and checked their balance regularly (50 per cent).
In contrast, only 36 per cent of those who did none of these activities felt optimistic about life after finishing work.
Planning was also a crucial factor, with 70 per cent of those who had received advice or conducted their own research feeling positive about their retirement years, compared to just 30 per cent for individuals who had not planned.
Similarly, those who were disciplined with their finances reported better outcomes, with individuals who paid their bills off every month (50 per cent) and saved money (59 per cent) expressing significantly more confidence than those who did not.
“Interestingly, the most influential driver of retirement confidence is goal setting and planning, with effective money management being the second most influential factor,” AustralianSuper chief officer of retirement Shawn Blackmore noted.
“This research helps us better understand the support Australians need when it comes to retirement so we can boost their confidence by providing the right information, guidance and advice at the right time.
“Moving into retirement can seem daunting and we know people are worried about not having enough money, but there is help available and as this research shows, making simple changes in your daily financial routine can deliver positive outcomes.”
Cost-of-living pressures continue to be a major concern for superannuants. Individuals who reported being unaffected by these challenges were significantly more confident (70 per cent) than those who reported being impacted (32 per cent).
The superannuation gender gap was also evident in the study, with 39 per cent of women feeling assured they will live well in retirement, compared to 53 per cent of men.
The report, compiled from surveys conducted in May by independent research provider Fiftyfive5 on behalf of AustralianSuper, canvassed the opinions of over 5000 Australians aged over 18.
