The majority of Australians approaching retirement have grave fears they will outlive their savings, a new industry survey has shown.
The second MetLife International Employee Benefits Trends Study revealed 52 per cent of respondents over the age of 51 were extremely worried they would outspend their savings.
However, according to MetLife, only 40 per cent of individuals were actually taking action to boost their retirement savings while they were still working.
Currently, the average superannuation asset balance for people over 50 was $52,500, the research showed.
To compound this current lack of savings, the research found 25 per cent of participants were unable to plan for the future and were continuing to live from pay packet to pay packet. Furthermore, most people had some form of debt to service as well.
The survey did uncover a desire to take some action, starting with education, with a large number of employees calling for methods to improve their ability to plan their financial future.
Employers are also concerned about the generation on the verge of retirement and the impact it will have on the workforce. Reflective of this sentiment was the fact 90 per cent of respondents named employee retention as their first and foremost priority.
"Australians look to their chosen superannuation fund and their employers when they consider their personal insurance and financial protection needs. With both the economy and the labour market heating up, there is a real opportunity to explore innovation in benefits packages, including flexible retirement solutions," MetLife Australia chief marketing and distribution officer Eric Reisenwitz said.
The survey was conducted between November 2010 and February 2011 by GFK Custom Research on behalf of MetLife, with the opinions of 258 people sought.
