The 20th ANUpoll – Ageing and Money: Public opinion on pensions, inheritance, financial wellbeing in retirement and caring for older Australians – reveals many Australians are worried about their retirement and their ability to afford a comfortable life after leaving the workforce.
The latest ANUpoll found almost half of working-age Australians expected to receive the age pension when they retire, while almost 40 per cent worry that they will become a burden on their families in old age.
Professor Matthew Gray said the ANUpoll demonstrated how retirement remains a considerable cause of angst for Australians, and that some elements of retirement policy need more attention.
“Amongst the Australian population there is a considerable diversity of circumstances and behaviours related to the financial aspects of ageing,” said Professor Gray, from the Australian Centre for Applied Social Research Methods at ANU.
“While many Australians will have adequate retirement incomes, other Australians are likely to experience low living standards later in life.”
The poll also helps us to understand how well Australia is positioned to meet the ageing challenge, how Australians’ attitudes compare to those in the US, Britain and other countries and highlights areas in which policy attention may be required.
Sage Financial Group would like to offer a free financial health check to anyone who is worried about their retirement.