Most working Australians simply don’t know how much they will have to live on after they retire, according to a survey published by AXA in late January.
The ‘AXA Retirement Scope’ study found that only 18 per cent of working Australians knew their retirement income, and while around 50 per cent of Australians believe they will be comfortable in retirement, they were largely unaware of how that is going to be achieved.
Commenting on the outcome of the survey, AXA general manager of sales and marketing, Adrian Emery, said the study showed it would be difficult for most working Australians to understand if they would be financially ready to retire by their ideal age of 54.
“Although the research indicates working Australians are starting to prepare for their retirement at 33, earlier than their retired counterparts who began at 40, many working Australians have not sought financial advice about retirement or outlined a plan on how they will provide for their future after retirement,” he said.
Emery said the study showed that Australians were more reluctant than any other country surveyed to be completely responsible for their retirement financing.
