Surveys

Most Australians Are Not Ready For Retirement, Says CoreData

Vanessa Doctor Asia Editor 31 March 2011

Most Australians Are Not Ready For Retirement, Says CoreData

A new study by CoreData on the perceptions of pre-retirees in Australia shows that majority of citizens feel they are unprepared for when the usual age of retirement comes.

According to the Retirement Report, which surveyed 1,690 Australians aged above 55, most respondents said they are likely to still work beyond the regular retirement age, with 39 per cent even saying they are unlikely to meet their retirement income needs. In fact, 69 per cent said they feel overwhelmed by their super and retirement finances, while 86 per cent planned to work part-time. One in three stated they did not believe they could choose when they would retire.

"Our research shows that Australians in the pre-retirement phase are clearly overwhelmed by their approaching retirement," Kristen Turnbull, the head of advice, wealth, and superannuation at CoreData, said in a statement.

"It shows that super funds and financial advisors need to do a better job of engaging retirees about the products and services available to them. This is the time they most require assistance, information, and reassurance," she added.

The top three financial products the respondents said they would like to have in retirement turned out to market and capital protection, annuities, and health insurance. Financial advice was identified as the most valuable service, followed by financial counselling and online information tools. The most common source of financial information for both pre and post retirees are print and online media.

The survey was conducted in February 2011.

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