The study conducted by NAB-owned wealth manager MLC Wealth showed just 6 per cent of Australians would classify themselves as wealthy.
The survey found that Australians are largely dissatisfied with their net wealth, rating theirs 4.1 out of ten on average.
Worryingly, 48 per cent of men and 55 per cent of women did not expect to have enough to retire on. Almost a third of women said they would have “far from enough”.
“What we tend to see is that people are busy and are overwhelmed by all the financial decisions they have to make [and] in the end, they often don’t end up doing much at all, or doing what’s easiest, which may not be the best course of action,” NAB executive general manager of wealth advice Greg Miller said.
With Australians expecting to require $873,000 in assets, including homes, on average to retire, the need for greater planning is urgent, according to MLB.
A lack of advice and a good financial plan could be contributing to growing financial anxiety, evidenced by the fact that 70 per cent of Australians have not received financial advice in the last two years.
“It’s natural that having a professional do the legwork and guiding you through such an important part of life takes a lot of the stress away,” Mr Miller said.
Despite these concerns, Australians are intending to invest less – 9 per cent less this quarter and 5 per cent less over the next 12 months, according to the study.