Aussie retirement confidence dropping

Qantas Super's latest research highlights pessimism in middle aged Australians preparing to retire.

Qantas Super's most recent retirement index shows Australian adults aged 40-59 are now the most pessimistic demographic when it comes to retirement. According to the research, 39% of the age group registered little to no retirement confidence, while a further 49% didn't think they had enough money for retirement.

Qantas Super chief executive Michael Clancy is concerned about the lack of confidence exhibited.

"Many people who are contemplating their retirement needs have a genuine fear of the unknown. The antidote to this fear is awareness, education, and quality advice, which will allow people to work with the resources they have to achieve the best retirement lifestyle possible. This is true for all age groups. Super really is your money and people need to own it," Clancy said.

The research also found less than half of those aged 40-59 were actively involved in the financial planning of their retirement, while 47% say they can't rely on their super and other investments for their financial wellbeing in retirement.

Qantas Super added that overall confidence dropped by 0.2% in the six months from November 2017, moving from 5.2% to 5.0%.

Clancy added government and business have a role to play in encouraging active interest in retirement planning.

"Industry leadership is vital to help build confidence. Government and businesses have an important role to play in encouraging good behaviours around money and retirement planning, and encouraging people to take an active interest in their future." Clancy said.

The research found women, those who don't own their own home and people with no investments outside superannuation were overrepresented when it came to lower retirement confidence.

Read more: Qantas SuperAustraliansMichael Clancy
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