Australians recognize that they are responsible for preparing financially for retirement.
However, the majority are not optimistic about their retirement prospects.
Workers are ready to sacrifice spending or work part-time during retirement.
Workers prefer stability and flexibility when turning savings into income.
2017 marked the 25th anniversary since compulsory employer superannuation was extended to all employees in Australia. Not that it has been all smooth sailing.
Since 1992, governments have made near continuous changes to
superannuation regulations, taxation and the workings of the Age Pension. But what do those outside the financial services echo chamber think about
superannuation and their retirement? And how do their views compare with others around the globe?
In this report, we examine Australian workers’ attitudes as they
approach retirement, and how they feel once they have retired.
Here’s a preview of a few of the findings:
The need to save message has got through
One of the striking findings of the survey was that Australians of all ages accept personal responsibility for ensuring their income in retirement is adequate.
The shift from defined benefit to accumulation and the sense that superannuation is “deferred pay” has doubtless helped this conviction,
particularly compared to some European countries in our survey, where
expectations of the state were much higher.