New research has shown that the number of Australians who believe they’ll have much less savings than they’ll need for retirement has grown noticeably in just 12 months.
According to MLC (the wealth management business owned by NAB), the percentage of Australians who feel they’ll have “far from enough” savings for their retirement grew from 24 per cent in the first quarter of last year to 32 per cent in the first quarter of 2017.
“While economic indicators are quite strong, at an individual level it’s apparent that Australians aren’t feeling confident about their finances,” said Lara Bourguignon, an executive with the firm.
Subsequently, paying down debt and growing savings have become focuses for many Australians, with as much as 21 per cent of respondents saying they plan to pay more debt off in the coming three months and 26 per cent saying they intend to save more.
“With people reporting they are concerned about having enough in retirement, it may be that Australians are taking a closer look at debt and implementing savings strategies that will help improve their overall financial position,” Ms Bourguignon said.
The research also highlighted that women were more pessimistic than men when it came to their retirement savings, with 62 per cent of women expecting to retire with less than they’ll need compared with only 52 per cent of men.