The proportion of Australians who believe they have enough savings to retire has increased to 32 per cent from, up 19 per cent compared with the same time a year ago, according to a MLC survey.
The MLC Wealth Sentiment Survey found residents in New South Wales were the most confident with 37 per cent, followed by Victoria (32 per cent), Queensland (30 per cent), Western Australia (25 per cent), Tasmania (21 per cent), and South Australia (19 per cent).
NAB general manager for client management, Lara Bourguignon, said the increase highlights the importance Australians are placing on ensuring they are adequately prepared for their retirement.
“While it is great to see confidence rising, more than half of those surveyed are still concerned they do not have enough to fund their retirement. This highlights that more work needs to be done across the board,” Bourguignon said.
“Our research found that 37 per cent of women are giving very low consideration to potential future financial setbacks. This indicates that while anxieties around retirement planning dwell on the minds of Australians, women in particular are still unsure on how to effectively plan for the future.”
The survey noted that although more females (53 per cent) are holding debt compared with males (45 per cent), females are more committed to paying down debt in the next three months (35 per cent) in comparison with males (25 per cent).
