The research, conducted by HSBC, reveals only 21 per cent of Australians believe they have saved enough for a comfortable retirement – 20 per cent less than their American peers and the second lowest volume in the study.
Despite this lack of confidence, HSBC’s research found Australians are the least active when it comes to managing their savings, with only 38 per cent of Australian Baby Boomers seeking information on retirement funding, compared with the global average of 50 per cent.
“Thinking about retirement can be daunting, but there are simple tactics you can employ to proactively manage your retirement which could help to alleviate those fears,” HSBC Australia’s head of wealth Scott Ellis said.
“Our research also showed Australians are not taking advantage of the many resources available online for managing their retirement. Only a quarter of working age people surveyed had researched options online, compared to 35 per cent globally,” he said.
Mr Ellis noted that Australians of working age are the third least likely to actively move their money to increase their returns, and Australian members of Generation X are risk averse when compared to members of the same generation internationally.
“Planning your own finances is complex and can feel overwhelming, but ignoring the opportunities and many free resources available could end up costing you more in the long term,” he said.