Retirement
Only 1 in 10 Aussies considered wealthy
Australia’s financial health appears at risk, with the majority of Aussies believing they won’t have enough to sustain their retirement, according to a new study.
Only 1 in 10 Aussies considered wealthy
Australia’s financial health appears at risk, with the majority of Aussies believing they won’t have enough to sustain their retirement, according to a new study.
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.
RELATED ARTICLES
Retirement Planning
Retirement happiness on the rise, but cost-of-living worries cloud confidence
Australians aged 60 and over are generally positive about their retirement, but concerns about the rising cost of living continue to impact their lifestyle and financial security, according to the ...Read more
Retirement Planning
Australia's retirement system nears tipping point as withdrawals surpass contributions
State Street has unveiled a significant new research series, "Reimagining Retirement," which highlights a critical juncture for Australia's retirement system. The study, released on 1 April 2026, ...Read more
Retirement Planning
Online wills initiative aims to boost superannuation and retirement engagement
In a bid to increase engagement with superannuation and retirement planning, Aware Super has expanded its online wills service, following a successful pilot program. The initiative, launched in ...Read more
Retirement Planning
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement ...Read more
Retirement Planning
The retirement mortgage squeeze: how one bank turned a demographic risk into a strategic edge
An increasing share of Australians are entering their 60s still paying off mortgages, just as living costs and interest charges stay stubbornly high. For banks, super funds, retailers and ...Read more
Retirement Planning
The retirement mortgage crunch: what it means for banks, retailers and policy in Australia
A growing share of Australians are carrying mortgages into their 60s and beyond, colliding with persistent cost-of-living pressures and a “slow grind” macro outlook. This isn’t just a social story; it ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Retirement happiness on the rise, but cost-of-living worries cloud confidence
Australians aged 60 and over are generally positive about their retirement, but concerns about the rising cost of living continue to impact their lifestyle and financial security, according to the ...Read more
Retirement Planning
Australia's retirement system nears tipping point as withdrawals surpass contributions
State Street has unveiled a significant new research series, "Reimagining Retirement," which highlights a critical juncture for Australia's retirement system. The study, released on 1 April 2026, ...Read more
Retirement Planning
Online wills initiative aims to boost superannuation and retirement engagement
In a bid to increase engagement with superannuation and retirement planning, Aware Super has expanded its online wills service, following a successful pilot program. The initiative, launched in ...Read more
Retirement Planning
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement ...Read more
Retirement Planning
The retirement mortgage squeeze: how one bank turned a demographic risk into a strategic edge
An increasing share of Australians are entering their 60s still paying off mortgages, just as living costs and interest charges stay stubbornly high. For banks, super funds, retailers and ...Read more
Retirement Planning
The retirement mortgage crunch: what it means for banks, retailers and policy in Australia
A growing share of Australians are carrying mortgages into their 60s and beyond, colliding with persistent cost-of-living pressures and a “slow grind” macro outlook. This isn’t just a social story; it ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
