MAY 4 2021 Canberra Times
Most Australians say they won't have enough savings to last retirement: survey   

More than half of working-age Australians think they won't have enough funds to last their retirement, with women and those living in regional areas more likely to believe their funds will fall short.   

A new study from the Australian National University has found 55.7 per cent of Australians are worried they won't have enough money saved to live comfortably once they retire, although the majority of those already retired believe their savings will go the distance.

Almost 3500 Australians were surveyed about their views on retirement incomes in January this year, and the results show a disturbing increase in the number of Australians who think they won't have enough money to last their retirement, compared to when the same question was asked in 2015.

Relatively young Australians haven't been able to accumulate the same levels of wealth previous cohorts have.

Professor Nicholas Biddle
"Our study shows a large increase since the last time we asked this question in 2015, when only 39.6 per cent of Australians thought they would not have enough money to live comfortably," study co-author Professor Nicholas Biddle said.


The number of Australians who are confident they will have enough funds to retire is steady, at 38 per cent, when in 2015 39 per cent said the same, but the change is in those who said they would "definitely" have enough for their retirement - just 6.1 per cent this year, down from 21.3 per cent.

Professor Biddle said the drop in confidence couldn't be pinned on the COVID-19 pandemic alone, but on a number of factors.

"I do think there's a link between, not just house prices, but people's ability to build up wealth at a younger age," he said, pointing out younger working Australians were more likely to be worried than those who were closer to retirement or already retired.

"Relatively young Australians haven't been able to accumulate the same levels of wealth previous cohorts have."

The survey also showed the majority of Australians think the rate of the aged pension should increase, and around half believe the family home should continue to be excluded from the pension asset test.

The results show the government was wise to back away from a plan to delay the legislated increase to superannuation, with a clear majority of Australians saying the rate of superannuation payments should increase to 12 per cent as legislated (55 per cent). Just 20.4 per cent said it should stay at the current rate of 9.5 per cent and only 3.8 per cent said the rate should be less or superannuation abolished altogether.

The government was wise to back away from a plan to delay the legislated increase to superannuation, with a clear majority of Australians saying the rate of superannuation payments should increase to 12 per cent as legislated   

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:


Don't worry -
they might have Soylent Green factories by then.

What good is soylent green to me at 75 years of age? Am I going to get processed back into food for the youngsters?

its now well established that governments are going to print cash to use for spending rather then raise taxes.

printing money reduces the value of savings.

so white knight is quite correct.

by constantly trying to suckle on the government tit , the aussie "taker" demolishes his nest egg.
it is eaten up by the dilution of the money supply.


no such thing as a free lunch.

when scomo gives you money it is NOT coming out of his wallet.
he is pulling it out of yours.

Frank wrote on May 4^th, 2021 at 12:38pm:


Still no more than $25,000a year then?

Because that's the combined limit.

Or are you paying more tax?

UnSubRocky wrote on May 4^th, 2021 at 4:17pm:



That's the way it works.