Almost half of surveyed Australians who want to retire within the next five years say they will be unable to, according to a HSBC report.
HSBC's Future of Retirement report found 15 per cent are worried they will not be able to afford to retire and will need to keep working.
The report said 71 per cent of those wishing to retire within the next five years had not saved enough money, while 28 per cent had a lot of debt. Over one in five also had depends who rely on their income.
HSBC Australia head of retail banking and wealth management, Graham Heunis, said "many Australians dream of an early retirement, but the reality is that concerns about money prevent them for achieving their goal".
Over one-third of working age people said they feared their financial situation would get worse after retirement, and recent stock market turbulence had increased the pressures.
"With the vast majority of superannuation funds linked to the stock market, the current volatility only increases the need for sound retirement planning. Even small amounts saved now could make a difference in the future," Heunis.