A disturbingly high number of the 4,000 Australians interviewed for the annual BT Australian Financial Health Index are counting on striking it lucky to fund their twilight years.
Sixteen per cent of Australians aged 18-34 are hoping to win money, for example the lottery, to fund their retirement.
Winning lotto was considered a source of funds by 15 per cent of Australian aged 35-54, 13 per cent of Australian aged 55-64, and 14 per cent of Australian aged 65 and over.
BT Financial general manager of superannuation Melinda Howes said the ‘she’ll be right’ attitude of many Australians “just doesn’t work” when it comes to retirement.
“It doesn’t make sense to financially prioritise ‘maybe’ scenarios over facts and the facts are if you don’t save for retirement and invest early, you will not have enough money to retire,” Ms Howes said.
The survey found that only 18 per cent of Australians identified superannuation as their top savings priority.
However, super ranked higher than saving for children’s education (13 per cent) and a deposit on a house (12 per cent).
Twenty-six per cent of Australians said they feel ‘nervous’ and ‘hesitant’ about planning for retirement compared to 21 per cent who feel ‘excited and energised’.
“The research is telling us Australians feel good financially with just over half expecting to have enough money to live comfortably in retirement. Yet the prospect of retirement remains a source of anxiety for many, with the majority of under-55s not confident they’ll have enough money,” Ms Howes said.
“Saving for retirement needs planning and time, two things that will have a significant impact on when and how we retire. Without these, you are truly relying on chance, and nobody really wants that for their financial future.”
