The majority of Australians will not have sufficient superannuation to carry their working lifestyle into retirement according to research data released today at the annual Association of Superannuation Funds Australia (ASFA) conference.
The research, carried out for ASFA on behalf of ANOP Research Services and pollster Rod Cameron also reveals that some future retirees are aware of the issue but will not take the lower standard of living well.
Statistics from the 750 people surveyed across Australia between 30 and 69 years of age show 33 per cent believe their current saving habits are adequate and a further 38 per cent will be dissappointed with their financial situation on retirement.
Cameron says the research found many people are relying on the Superannuation Gaurantee (SG) and home ownership for their retirement, however few plan to sell their house and the SG will not achieve the desired results.
The ANOP research results also showed a dislike for the Prime Minister’s recent ‘gold collar plan’ for people to work to age 70. More than 70 per cent had planned to, or did, retire before turning 65 and the mean age of retirement was 58.
