BACKGROUND COLOUR

Will our golden years be golden?

Analysis
. .
09 Aug 2021

While a majority of the non-retired - and more of those who have retired - think they'll likely have sufficient money to retire comfortably, there are doubts over whether it will be enough. The more able a person is to add extra funds to their retirement savings, the more likely they are to think it will be adequate.

55 %

More than half of those who haven’t yet retired – 55% – think it’s likely they’ll have sufficient money to retire comfortably.

36 %

A third – 36% – of the non-retired think they won’t have enough money to retire on.

61 %

Nearly two-thirds – 61% – of those aged between 50 and 64 are saving extra for their retirement.

28 %

Just over a quarter of those in the low income group – 28% – are putting extra funds away for their retirement.

Expectation for a Comfortable Retirement
Do you think you will have enough money to live comfortably for the rest of your retirement?
Sources & Methodology
Variable description Grouped by retirement status
Variable time span 2015 (October)
Published by ANU Poll
Publisher Link https://csrm.cass.anu.edu.au/research/publications/ageing-and-money
Data Source doi:10.26193/3JWQ9V
CSV Data
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A sizeable minority of Australians have significant doubts about their living standards in retirement.

A sizeable minority of Australians have significant doubts about their living standards in retirement. 36 per cent of those who haven't retired and a quarter of those who have think they probably or definitely won't have sufficient money to retire comfortably.

Even those who do think they'll have enough money to live comfortably when they finish work, 55% of the non-retired, only 19% are certain they will.

There is not much of a gap between the genders with 53 per cent of non-retired men and 57 per cent of women thinking they will or probably will have enough to live on in retirement.

Non-retired Australians' Beliefs on Being Able to Live Comfortably in Retirement
Do you think you will have enough money to live comfortable for the rest of your retirement? Aside from compulsory superannuation contributions are you saving for retirement?
Sources & Methodology
Variable description Grouped by additional savings status
Variable time span 2015 (October)
Published by ANU Poll
Publisher Link https://csrm.cass.anu.edu.au/research/publications/ageing-and-money
Data Source doi:10.26193/3JWQ9V
CSV Data
PNG Image
CHART
SOURCES
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Respondents reported that if they could put some extra money aside for their retirement, they were more likely to believe their income would be adequate.

Respondents reported that if they could put some extra money aside for their retirement, they were more likely to believe their income would be adequate. 31 per cent of those putting extra aside think this, while only 10% of those not saving extra think their income will be enough to retire comfortably.

Of the working age population - aged between 18-64 - 44 per cent are making some additional savings.

The more money you already have and the older you are, the more likely you are to put in extra funds towards your retirement.

Of those nearing retirement, aged between 50-64, 61 per cent report making extra savings. 43 per cent of those aged 30-49 report putting extra aside while just under a third - 31 per cent - of those under 30 are making extra savings.

But only 28 per cent of those in low income households make savings, 47 per cent of those in middle income households do while a clear majority - 68 per cent - of those in high income households put aside extra for their retirement.