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Retirement savings confidence increases

Retirement savings confidence increases

Taylee Lewis
— 1 minute read

While Australians are becoming more confident when it comes to having enough savings to retire, women still experience greater financial anxiety, according to a survey by MLC.

The MLC Wealth Sentiment Survey – based on responses from 2,000 individuals – found that 32 per cent of Australians believe they have enough savings to be financially prepared for retirement, up from 19 per cent a year ago. 

NAB general manager of client management, Lara Bourguignon, said the increase indicates the importance Australians are placing on preparing for retirement. 

“We all have an idea of how we want to spend our retirement – that is why it is important to engage in superannuation and keep a short annual review in your plans,” Ms Bourguignon said. 

“What your vision for retirement is, changes as you age and it is important that your superannuation and other assets are constantly reviewed to ensure alignment.” 

However, while confidence is increasing, MLC Wealth found that 37 per cent of women experience greater financial anxiety regarding retirement income shortfall. 

“This indicates that while anxieties around retirement planning dwell on the minds of Australians, women in particular are still unsure on how to effectively plan for the future,” Ms Bourguignon said. 

The survey also pointed out that 53 per cent of females are holding debt, compared to 45 per cent of males. 

Moreover, 50 per cent of Australians are still concerned they will run out of savings. 

“While it is great to see confidence rising, more than half of those surveyed are still concerned they do not have enough to fund their retirement," said Ms Bourguignon. 

"This highlights that more work needs to be done across the board,” she said. 

The survey found that residents of New South Wales, at 37 per cent, are the most confident in terms of having enough to retire. This is followed by Queensland (30 per cent), Western Australia (25 per cent), Tasmania (21 per cent). 

Investors from capital cities are also more active in super - 63 per cent hold superannuation accounts compared to 44 per cent of those living in rural areas. 

 

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