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New index shows low retirement confidence
Qantas Super’s CSBA Retirement Confidence Index, which launched today, has reinforced sentiment that Australians are nervous about retirement income, finding that 63 per cent don’t feel confident that they will be able to retire comfortably.
The RCI, which questioned more than 1,000 Australian pre-retirees and retirees, revealed that 29 per cent of pre-retirees did not think they could do anything to improve their retirement income situation either.
Fifty-five per cent of those surveyed blamed external factors beyond their control, such as the cost of living, government regulations and the Australian and global economies, for this.
Qantas Super chief executive, Michael Clancy, said that this showed that more knowledge around the money needed for retirement was necessary, with just 43 per cent of Australians saying they knew how much money they would need.
“These results speak to a strong need to improve the financial literacy and capability of the Australian population, so they are equipped with the knowledge to improve their situation,” he said.
“In particular, taking action during early life stages will help combat this crisis of confidence and better prepare Australians for their retirement, while reducing the economic burden on the country in the future.”
Clancy suggested that a practical way to help improve confidence is to try to prioritise saving more now, saying that “just contributing a little bit each month to your super account … can make a difference.”
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New research has suggested it’s time to reconsider the home as a fourth pillar of the retirement income system, alongside the age pension, superannuation, and voluntary private savings.
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