Many Australians are falling well short of a self-funded retirement, according to survey data released this week by the Institute of Chartered Accountants (ICAA) in Australia.
The data found that more than one in two Australians believe they will need to rely on the Government for financial assistance during their retirement, with those aged over 50 being most affected.
The ICAA survey revealed that those people who were most confident about having financial independence during their retirement were those aged between 18 and 24, with 52 per cent believing they would be self-funded.
By comparison, only 33 per cent of those aged 50 and over believed they would be self-funded.
The chief executive of the ICAA, Graham Meyer, said the survey had raised a number of issues concerning the attitude held by many Australians towards their superannuation.
“While more than 52 per cent of Australians believe they will require additional assistance from the Government during their retirement, only 27 per cent are actually contributing additional funds to their superannuation above the compulsory 9 per cent,” he said.
