Half of Australians lack retirement plan: Vanguard

Nearly half of working-age Australians approaching retirement do not have a retirement plan, raising concerns about long-term financial preparedness and confidence, according to Vanguard.

The 2026 How Australia Retires report, based on a survey of more than 1800 adults, found retirement planning is not high on Australians' list of priorities despite it being one of the strongest drivers of financial confidence.

More specifically, women were nine percentage points more likely to report low retirement confidence and 10 percentage points less likely to report high retirement confidence than men.

Participants from higher-income households were more likely to report high confidence.

For those who do plan, 38% said they rely on their own research. They also tend to consult partners, family and friends more frequently than financial advisers.

Despite the growing trend of financial influencers on social media, only 5% of Australians reported relying on these sources for retirement planning.

Furthermore, the results found Australians' knowledge about their superannuation and how it is invested falls short.

One in two participants do not feel confident explaining the fees charged on their superannuation account to a friend or family member. More than one-third of Australians were either not very aware or not at all aware that superannuation funds may charge multiple fees.

When asked about the level of risk in their superannuation investments, most respondents described their portfolios as carrying a moderate level of risk.

However, Vanguard said there was relatively little variation in risk perceptions across age groups, despite younger Australians often being invested in growth-oriented default MySuper options or lifecycle strategies that adjust risk over time.

"While perceptions of risk may vary depending on factors such as age, life stage and investment time horizon, the relatively limited variation in perceived risk across age groups may suggest that some Australians do not fully understand how their superannuation is invested or the level of risk associated with their investment choices," the report read.