The latest industry research has shown a large proportion of the Australian population, 49 per cent, believe they are unprepared for retirement.
The findings are from the most recent Colonial First State (CFS) “Rethinking Retirement” report, released for the third time, which surveyed nearly 2000 Australians with regard to their attitudes to the period of life when they are no longer gainfully employed.
The most common concern for those surveyed was not having enough money to live comfortably in retirement (54 per cent), unexpected health or aged-care costs during that period of their lives (50 per cent) and running out of savings when they have ceased working (37 per cent).
The percentages were markedly higher for women, with 62 per cent of that cohort versus 48 per cent of men worried they would not have enough money to live comfortably and 41 per cent of females versus 34 per cent of males concerned they would outlive their super savings.
Further, the report revealed the proximity to retirement makes a difference to these attitudes, with 61 per cent of Australians aged between 50 and 59 worrying about not having enough money to live comfortably.
“What this research makes clear is that retirement today is no longer just a financial transition. For many Australians it brings a range of questions and considerations – from whether savings will be enough to how to navigate an increasingly complex system,” CFS Superannuation chief executive Kelly Power noted.
The study also uncovered a significant increase in the amount of money Australians believe they need for a comfortable retirement. To this end, the estimated number rose by $183,000 from last year’s survey to just over $1 million in 2026.
“Retirement is not a universal or linear experience. It is deeply personal and so are the questions people bring to it. That is why we believe Australians should have access to the right guidance and support to help them approach this stage of life feeling informed, prepared and in control,” Power said.
In addition, the survey indicated Australians who receive financial advice are more likely to feel comfortable about retirement, with 77 per cent of those receiving help saying they feel prepared for retirement, compared to 45 per cent of those who did not use an adviser.
“That’s why improving access to financial advice is critical. We strongly believe that reducing barriers to advice, like cost, will help more Australians get the support they need to plan and retire with confidence,” Power explained.
