A third of Australians think they'll struggle to retire by the time they hit 65 - but millennials still reckon they'll have an easy ride to claiming their pension

  • Only 13% of Aussies believe they have complete control over their retirement  
  • 45 – 54 year olds are the most doubtful with 40% thinking they won't retire at 65 
  • Australians in their 70s and millennials however are confident they will make it 

By Wade Sellers For Daily Mail Australia

Published: 21:08 EST, 18 November 2018 | Updated: 21:08 EST, 18 November 2018

One in three Australians fear they won't be able to retire by the time they hit the age of 65, a study has found.  

The study, which was conducted by The Financial Consciousness Index, found that confidence in retirement changed dramatically with age, with Australians aged 45 to 54 most concerned about their ability to retire at 65.

However, millennials were found to be confident in their stride towards their golden years.

A study conducted by The Financial Consciousness Index found that confidence in retirement changed dramatically with age with Aussies aged 45 to 54 year olds most concerned about their ability to retire at 65 (stock image)

A study conducted by The Financial Consciousness Index found that confidence in retirement changed dramatically with age with Aussies aged 45 to 54 year olds most concerned about their ability to retire at 65 (stock image)

The study, commissioned by Compare The Market, found that Gen Xers were feeling the most pressure to build up their nest eggs as retirement approached.

General manger of banking at Compare The Market Rod Attrill revealed he wasn't surprised by the alarming numbers, stating the fact that superannuation was only made mandatory in the early 90s could be a significant factor for Gen Xers.

'It's no surprise that some Gen Xers worry that their savings look a little slim' he said in a statement. 

'Especially when we're told we each need $545,000 in order to enjoy a comfortable retirement,' he added.

However, Millennials were found to be incredibly confident in their stride towards their golden years (stock image)

However, Millennials were found to be incredibly confident in their stride towards their golden years (stock image)

'The Age Pension age is increasing over the next five years from 65 to 67 years of age, putting Aussies under further pressure to improve their funding options if they want to enjoy any sort of an 'early' retirement.' Mr Attrill said. 

The vision of a care-free retirement appears to becoming increasingly unclear, as only 13 per cent of respondents said they felt in complete control over their retirement outcomes.   

A total of 17 per cent said they would likely have to dip into their superannuation if they were suddenly unemployed or if they were unable to earn an income for more than three months.

In an even more worrying statistic, 27 per cent of men and 33 per cent of women revealed they had no superannuation set aside at all. 

Mr Attrill conceded how imperative it is for Australians to plan ahead and urged anyone without superannuation to apply immediately.

The study tested 3,000 individuals around Australia to uncover their ability, willingness and sophistication to make a change to improve their financial well-being.    

Australians in their 70s also had bright hopes for the retirement plans as they fast approach them (stock image)

Australians in their 70s also had bright hopes for the retirement plans as they fast approach them (stock image)

 

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A third of Australians think they'll struggle to retire by the time they hit 65

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