Australians Not Confident About Affording Retirement

A new GfK online survey asked over 23,000 people in 19 countries how strongly they agree or disagree with the statement: “I am confident that I will have enough money to live the life I want when I retire.” The result? Less than half the survey respondents are confident that they can afford retirement.

Internationally, close to three in ten (28 percent) lack confidence that they will be able to afford the life they want during retirement, including one in ten (11 percent) who have no confidence in this at all. On the other hand, 42 percent believe they will have enough money for the life they want, including 18 percent who are completely confident. Americans and Chinese lead for complete confidence in affording a good retirement.

 

Australians? retirement expectations

When it comes to the retirement expectations of the Australian survey respondents, we?re approximately in the middle of the pack – despite having a collective high net wealth. 16% of Australian survey respondents have no confidence in their ability to afford retirement (international average of 11%). With an estimated 13.9% of Australians living in poverty, this statistic is not surprising.

On the other hand, when it comes to being completely confident about affording retirement – we?re not. Only 12% of Australians agreed completely with the statement: “I am confident that I will have enough money to live the life I want when I retire.” That 12% compared to an international average of 18%.

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