Despite the country’s world class superannuation system, Australian’s experienced more stress and anxiety over retirement savings than their global counterparts, particularly younger generations, according to research from global asset management firm Franklin Templeton.
In Australia, 70% experienced stress or anxiety, compared to 67% in the US, and 68% for Canada and China.
Younger Australians were more worried about their retirement savings, compared to people in retirement age or close to it, with 70% of Gen Y Australians (age 21-38) and Gen X (39-54) saying they had experienced stress or anxiety from thinking about their retirement savings and investments, while for baby boomers (55-73) it was 67%.
Gen Y and Gen X both feel as though they are behind on savings for retirement with 73% and 68% expressing that respectively, and 29% of Gen Y and 20% of Gen X believing they would never retire.
Both those generations had 31% believe they would need to work part-time in retirement and currently 62% of Gen Y said they have less than $50,000 saved, while 36% of Gen X said the same.