Retirement
Grim retirement outlook pervasive among young Australians
Despite having the longest time horizon to actually plan out their retirement, younger Aussies are already exhibiting anxieties and fears about the golden years, according to a recent survey.
Grim retirement outlook pervasive among young Australians
Despite having the longest time horizon to actually plan out their retirement, younger Aussies are already exhibiting anxieties and fears about the golden years, according to a recent survey.
Survey results from Franklin Templeton showed that 70 per cent of Australians in both Generation Y (21-38) and Generation X (39-54) experience stress and anxiety about retirement.
Nearly three in four Gen Y respondents and a further 68 per cent of Gen Xers fear they are behind on their personal retirement goals.
Twenty-nine per cent of the Gen Y respondents even conceded that they don’t think they will ever be able to retire.
Head of retail for Franklin Templeton Manuel Damianakis stated that younger Australians do not see a brighter future.
“Younger Australians are often pessimistic about their capacity for home ownership, and it appears they are equally perturbed about financing retirement,” Mr Damianakis said.
Although younger Australians feel anxious about the future, they have the “greatest advantage for successful retirement, which is time”.
“When you consider that there are so many different projections about the amount of money a person will need in retirement, and estimates can differ by millions of dollars, this general malaise about retirement finance is not hard to understand,” said Mr Damianakis.
A significant number across all age groups reported having less than $50,000 in total savings for retirement, including 62 per cent of Gen Y respondents and 36 per cent of Gen X.
“Australians need to better understand the benefits of saving early and often, even in small amounts,” he advised.
“Seeking financial advice and having a sound written plan for retirement savings, both in super and outside of it, will help Australians to face their future with improved clarity and confidence.”
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