Around three in five Australians, roughly the equivalent of 12 million people, fear they won’t have enough money saved for their retirement, a national survey has found.
The research by Finder showed a worrying 28 per cent of people surveyed admitted they don’t think they’ll have enough superannuation to stop work.
Only 18 per cent of respondents believed they have tucked away sufficient savings to retire comfortably.
The survey of 1057 people revealed men are much more assured about their ability to afford to retire – with 26 per cent confident they have enough money to live well in retirement, compared to only 11 per cent of women.
Insufficient superannuation is a growing problem, Finder’s Alison Banney said.
“Millions of Australians are not actually able to save enough to walk away from their jobs,” she said.
“Most people aspire to retire in their mid 60s, but many don’t have enough for a comfortable retirement.”
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The research revealed only 18 per cent of Australians make additional salary sacrificed contributions to their superannuation.
Those putting away extra savings are contributing $713 a month, on average.
One third of Australians said they will “manage” to get by in retirement but will have to cut back on spending, the survey found.
The cost of living crunch, which has intensified since Russia invaded Ukraine, and multiple rate hikes by the Reserve Bank has put pressure on household budgets.
Banney said people should prioritise pumping up their retirement nest egg.
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