Survey says most Australians won’t have enough once they retire

Font Size:

According to the latest MLC quarterly Australian Wealth Behaviour Survey released yesterday, of the 2000 Australians surveyed, six in 10 believe they will fall short of the amount of money needed to live a comfortable retirement.

Perhaps more alarming is that one in three say they will have “far from enough”.

When the survey asked participants what type of retirement they expected to have, words such as ‘stressful’, ‘frugal’ and ‘struggle’ were used.

“While economic indicators are quite strong, at an individual level it’s apparent that Australians aren’t feeling confident about their finances, and this may be causing anxiety about retirement,” said MLC General Manager of Customer Experience, Superannuation, Lara Bourguignon.

“What’s interesting is that respondents said they need over $1 million to retire on, but even small super balances help in retirement, so instead of being worried and fearful, people should feel motivated and empowered to take the little steps that make a big difference.”

The survey also revealed that, despite serious retirement concerns, three in four Australians have failed to see a financial adviser in the past five years, as they felt that, to seek such advice, they needed to be wealthy.

However, Lara Bourguignon says that Australians need to be reminded that any amount in their super balance will help.

“A typical balance of older workers now approaching retirement is less than $150,000,” said Australian Institute of Superannuation Trustees Chief Executive Officer Eva Scheerlinck.

“Less than five out of every 1000 super fund members have $1 million or more in super.”

Are you concerned about not having enough money to retire in comfort?


Retirement Affordability Index June 2017

The latest insights into what retirement living really costs.

Retirement now less affordable

The costs of securing a retirement income have increased considerably.

Retirement affordability suggestions

In this four-part series of articles, we've chosen 20 of your best tips.

Written by Drew

Starting out as a week of work experience in 2005 while studying his Bachelor of Business at Swinburne University, Drew has never left his post and has been with the company ever since, working on the websites digital needs. Drew has a passion for all things technology which is only rivalled for his love of all things sport (watching, not playing).


Sign-up to the YourLifeChoices Enewsletter

continue reading


Australian doctors call for calm over coronavirus vaccine blood clots

Doctors have demanded the media be much more cautious in the way blood clot cases are reported in people who have...

Technology News

Research shows people trust computers more than humans

Computers continue to defy expectations about their capabilities, and it is happening at a much faster rate than most people...


How to handle conversations with a relative expressing racist views

The Duke and Duchess of Sussex's interview with Oprah Winfrey highlighted an issue that many people will relate to -...


Friday reflection: Why is packaging so difficult?

Is it just me or do others over 50 struggle with opening things? Why is packaging so difficult? It seems...

Finance News

2021's top 100 most reputable brands

Reputation is everything - in business and in life. It's hard won, but easily lost. It can cost politicians their...

Health news

Best treatment for bedtime performance anxiety

Trying to sleep produces a kind of performance anxiety, and the more you worry about it, the worse your sleep...


Five mistakes to avoid when investing in property

Investing in property can be a complex and overwhelming journey, particularly for first-time investors. If you are thinking about investing...


Score a double pass to see Supernova

In two minutes, I was brought to tears. That's about how long the trailer for Supernova lasts. It's the new...


Perfect Sticky Toffee Pudding

This is perhaps my favourite cake of all time. It’s moist and slightly chewy, and it tastes like holidays in...