Aussies less confident they will be able to retire comfortably

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A new study measuring ‘financial consciousness’ reveals nearly a third (29 per cent) of Australians are less confident compared to last year in their ability to retire comfortably at age 65.

The Financial Consciousness Index (FCI), which was commissioned by and developed by Deloitte Access Economics, tested 3000 individuals nationally to uncover their ability, willingness and sophistication to make a change to improve their financial wellbeing.

Those in the 45 to 54-year-old age group were the most concerned about their retirement, with 40 per cent saying they were less confident in their ability to retire at 65 than they were a year ago.

“The Age Pension age is increasing over the next five years from 65 to 67 years of age, putting Aussies under further pressure to improve their funding options if they want to enjoy any sort of an ‘early’ retirement,” said Rod Attrill, general manager of banking at “This appears increasingly unachievable given only 13 per cent of respondents said they believe they are in complete control of their retirement outcomes.”

A comfortable retirement seems even further from grasp for the almost one-fifth (17 per cent) of respondents who said they would have to dip into their superannuation account if they were suddenly unemployed or unable to earn an income for more than three months.

“Some 27 per cent of men and 33 per cent of women reportedly have no superannuation set aside,” Mr Attrill said.

“It is imperative that Australians begin planning ahead and investing in their future, no matter how far away or unobtainable it may seem.

“Consider consolidating your super funds if you have multiple accounts as not only will it be easier to manage but it also means you will only have to pay one set of fees,” he added.      

The Financial Consciousness Index also found that as you get older you have more understanding and are more confident that you are getting the best deal with key financial products.

This marries up with YourLifeChoices’ own research in the recent Retirement Income and Financial Literacy Survey, which found a massive 86 per cent of respondents managed their own financial affairs.

Just over 70 per cent said they had managed their finances in the past few years either well (50.4 per cent) or very well (20 per cent).

Sixty-three per cent said they understood their finances and investments well (50.5 per cent) or very well (13 per cent).

More than half (52 per cent) said they were either confident or very confident about their long-term future.

Are you confident about living comfortably in retirement?

Disclaimer: All content on YourLifeChoices website is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. It has been prepared with due care but no guarantees are provided for the ongoing accuracy or relevance. Before making a decision based on this information, you should consider its appropriateness in regard to your own circumstances. You should seek professional advice from a financial planner, lawyer or tax agent in relation to any aspects that affect your financial and legal circumstances.

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Written by Ben


Total Comments: 18
  1. 0

    Don’t have to be blind Freddy on this and why on earth would you expect such real concern NOT to be the case?
    For some years now, every rent seeking consulting group, superannuation “experts”, super funds themselves, organisations eg ACOSS, Getup and the like have been calling for changes, increased taxes, penalties, freezing access to benefits etc etc.
    Governments have been constantly changes rules, altering tax rates and benefit levels and continue to do so.
    No one can plan for their super future with any certainty or reasonable precision and answering how long one’s super will last is impossible.
    How can one be confident for the future?

    • 0

      Yep, makes it hard when the goal posts keep moving. I guess if you have a few mill stacked away and live a simple life you’ll be fine.

    • 0

      Greg – I like that. A few mill stacked away AND living a simple life. Not gonna happen –
      people use every cent they can and to hell with tomorrow’s poverty. Keating’s Super should have been left alone and not accessed till pension age. This morning I heard on the news that women with domestic trouble should in future be able to access their super early. Where I worked for the last 11 years, people always had issues and milked their account every 6 months or so. And some folks talk about doing away with the age pension.
      Maybe we should let in more needy families without English into the country to help with the destruction of our social systems.

    • 0

      Well written Greg.
      Superannuation has changed since the original concept and of course life expectancy is going up as well.
      What is never written is the fact that we are supposed to be at 15% contributions by now and the current government has made sure that never happened. So now it is coming after pensioners and as Paul Keating said the other night wanting them to “eat their house”. In other words wealth transfer to the point where you have most of society as hand to mouth destitute poor and the 1% owning all property and being bourgeois landlords.

    • 0

      OMG – Mick the Marxist (and Getup supporter) with his homespun (and wrong) philosophy.
      Loves Paul Keating who is another 35 years ago unreconstructed leftie who sowed the seeds of the demise of our once strong manufacturing industry.

  2. 0

    I don’t expect honest reports from self interested groups trying to peddle their wares
    The Grattan report is much more reliable unbiased and accurate
    Grattans report shows that most people will have a comfortable retirement

  3. 0

    I have no super so my playing field has no goal post that the government can move. I make my own decisions and if I stuff up I live with the consequences.

  4. 0

    Mick, the Grattan Institute have since defended their stance against Paul Keating. They don’t want people to eat their house. They want them to eat the inheritance they were going to leave their family. Not sure which is worse!

    • 0

      So you would rather everyone not touch their savings and bludge off the taxpayer

      How ridiculous, selfish and GREEDY

    • 0

      You’re putting words in my mouth Lothario, but that’s what trolls do. I don’t believe that people should have to sell their home which they worked hard to achieve over many years to fund retirement. Grattan still want a home valued over $500k (peanuts in the capital cities) included in the Asset test. This proposal would mean many people would have sell up just to survive. Grattan have countered with a ridiculous statement saying they should still sell the house but it just means their beneficiaries get a smaller inheritance. We’re not talking people touching their savings to fund retirement Lothario, but people having to sell their home to survive because the are over the Asset threshold for the OAP

    • 0

      Yes – why should you live in a $1 million home and bludge of welfare

      Where is the common sense ???

    • 0

      Yes, that old house people have had for 40 years plus is worth between $500k and $1M now. They can’t buy anything cheaper in the area where they have friends and Networks. Let’s just ship all the oldies off somewhere cheap, is that your idea. It’s not common sense, it’s facism.

    • 0

      Pensioners living in very expensive houses could be offered the full pension and benefits and the money could then be recouped by the Commonwealth from their estate after their passing before the inheritance is passed on to the kids.
      In that case the oldies would not have to move out of their comfort zone and away from friends and the kids would not end up millionaires either.

    • 0

      Now that makes perfect sense Jim
      Yes – seems like a good compromise for those who dont want to move or downsize because of family friends and facilities

    • 0

      Cowboy Jim and Lothario, that’s only a good idea if it applies to other sections of the community. Ex politicians who left parliament 30 years ago and must have used up any small amount of super they put in so are now living off the taxpayer. Judges who also didn’t pay great amounts of super but pocket around $100,000, plus a year pension.
      If only one section of the community is targeted (pensioners) then their human rights have been violated.

    • 0

      You are confusing welfare with a work related entitlement

      It’s like saying is a violation of human rights that I was paid a $300k plus bonuses for doing my job while you were paid $100k with no bonus for doing a completely different job, and telling me I have to pay back my bonus




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