Retirement
Half of 50 to 59-year-olds financially insecure
Australians born in the 1960s are the least financially secure decade-based age group in Australia, according to a new study.
Half of 50 to 59-year-olds financially insecure
Australians born in the 1960s are the least financially secure decade-based age group in Australia, according to a new study.
The research, from financial services company Spaceship, found that one in two Australians born in the 1960s do not feel financially secure.
Worryingly, nearly 15 per cent (14.6 per cent) of all respondents aged between 50 and 59 noted that they currently feel “very insecure” about their personal finances.
A further 35 per cent (34.4 per cent) reported feeling “insecure” about their financial state.
The 1960s age group also reported the lowest “very secure” financial rating out of all decade groups surveyed, with just 3.8 per cent feeling this way.
Across all four security options, and all six age groups surveyed, the 50-59 age category exhibited the lowest levels of personal financial security.
This contrasts with 7.3 per cent of those born in the 1990s feeling “very secure”, with the figure jumping to 12.4 per cent for persons born in the 1980s.
The amount of “very secure” respondents alive since the 1970s was still almost double that of the 50 to 59 age bracket, at 6.3 per cent.
The decade-long downwards trend exhibited across the 50 to 59 age group then travels back up towards greater feelings of financial security for those born in the 1950s and the 1940s.
More than 9 per cent (9.3 per cent) of those aged 60 to 69 said they were also “very secure”, followed closely by those in the 70 to 79-year-old bracket, where 9 per cent felt the same way.
The report also gave insight into the saving habits of Australians, highlighting a shift towards a saving mindset in younger Australians and higher feelings of financial security, which Spaceship said was potentially attributable to financial pressures that are introduced in later life.
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