You are using an older browser version. Please use a supported version for the best MSN experience.

Aussies don't feel ready for retirement

AAP logoAAP 21/08/2016

Australians overwhelmingly feel unprepared for retirement amid government tinkering in the superannuation system.

New research, commissioned by financial advisers MLC, finds just one in six Australians are confident about their retirement nest egg.

About two-thirds believed they were unprepared financially for retirement.

This was despite Australia's incredibly strong superannuation savings system, MLC's superannuation and investments manager Paul Carter said when releasing the research on Monday.

Too much political debate around superannuation was focused on annual tax concessions and ignored dramatic changes to workforce participation, increasing health costs, and patterns of wages.

"Superannuation has been the subject of political whims for too long," Mr Carter said.

"The end result has been constant tinkering, or significant unanticipated change, which has left Australians feeling uncertain about their retirement."

Young people and women were the most likely to feel unprepared for retirement, the survey of more than 2000 Australians found.

But despite fears about the future, most people surveyed said if they had a $50,000 windfall they'd put the money into their savings or mortgage, or go on holiday - not add it to a retirement fund.

SUPERANNUATION WORRIES

* 66 per cent of Australian feel unprepared for retirement

* 15 per cent say they're very well or fairly well prepared

* 35 per cent of people who talked to a financial planner feel prepared

* 79 per cent of those aged 25-29 feel unprepared

* 57 per cent of men feel unprepared

* 32 per cent of retired men think they'll outlive their savings

* 74 per cent of women feel unprepared

* 57 per cent of retired women think they'll outlive their savings

image beaconimage beaconimage beacon