28 February 2025
Our latest research finds retirement confidence can be boosted through simple daily habits including goal setting, saving money and paying bills.
Many Australians dream of a retirement filled with travel, more time to spend with family and a chance to try new hobbies. But for others, the thought of retirement can also be stressful, worrying if they will have the financial means to live well in retirement.
AustralianSuper has undertaken new research to look at what’s helping to give Australians confidence in retirement.
Through the Retirement Confidence Study1 (RCS) we’ve been able to gather some key insights into what Australians are thinking when it comes to planning for their retirement years. We talked to more than 5,000 Australians to better understand current attitudes and behaviours, as well as the actions that can be taken to help build more confidence in retirement.
How to retire with confidence
Overall the results showed that there’s still time to boost retirement confidence through effective planning and money management. And while at first this might sound complicated, what it really means is more confidence can be achieved by focusing more on simple, daily habits around planning and setting small financial goals.
Let’s take a closer look at some of the key findings from the RCS study:
Planning is key
While no one likes paying bills, getting into the habit of organising and paying monthly bills on time such as rent, credit cards and loans helped 50% of those surveyed to feel more confident about their retirement, when compared to only 18% of those who didn’t pay monthly bills on time.
Talking about retirement
It’s no secret that social connections contribute to a happier retirement. And people who discussed their retirement plans with a partner, family member or friend also reported more confidence (63%) than those who hadn’t shared their plans (28%).
How financial advice can help
Getting financial advice can provide the knowledge to make more confident decisions around retirement.
Those who received financial advice - whether professional or from attending seminars, webinars or doing desktop research - were 50% more confident than those who didn’t.
Checking in on super
Similarly, Australians who were more engaged with their super, such as making additional contributions (58%), reviewing their annual statement (56%), checking their balance (50%) remained more confident than those who did none of those things (36%).
AustralianSuper also helps making checking in on your super easier with online account access and our mobile app.
How retirement confidence affects different demographics
Men tended to be more confident, with 53% believing they will live well in retirement, compared to only 39% of women. This is also reflected in the gender super gap, which currently sees women approaching retirement having around 25% less super than men.2
In terms of location, residents of the ACT were the most confident at 57%, while those in the Northern Territory the least confident at 39%. Retirement confidence in metro areas (47%) and rural areas (44%) was not much different.
Retirement confidence tips
Putting some simple steps into action can help to give your retirement confidence a real boost. By following these 5 tips it can help you to reach retirement with the right mindset:
- Start the conversation
Have open discussions with your loved ones about your retirement plans and goals. Sharing your thoughts can provide support and reassurance, helping everyone feel more prepared. - Set clear goals
Determine how much you need to save for a comfortable retirement and create a savings plan to help you reach those goals. AustralianSuper provides a range of tools, like the Elements of Retirement Guide, and calculators to help you visualise your goals, look at your projections and help you see any gap and how you could grow your super to meet your goals. - Ease into retirement
Consider a phased approach to retirement, gradually reducing your work hours or transitioning to part-time work. This can make the transition smoother and less stressful. - Budget with care
Create and stick to a budget, save and consider paying down debts where you can. This will help build financial security for your retirement. - Get professional advice
Seeking professional advice can help you make well-informed decisions and develop a plan to maximise your retirement lifestyle.
We’d like to remind members that help is available, and that making simple changes in your daily financial routine really can deliver more positive outcomes.
AustralianSuper offers access to retirement planning3 that can help provide insights and give you the resources to plan for a more confident and comfortable lifestyle, looking at both financial security and personal wellbeing in retirement.
For more guidance on retirement planning, visit our Elements of Retirement Guide.
Disclaimers
- The AustralianSuper Retirement Confidence Study (RCS)May 2024, independent research by Fiftyfive5. Surveyed 5,061 Australians aged 18+
- Deloitte Average Balances, ages 60-64 to 30 June 2024, rounded to the nearest $100. People with zero superannuation are not included in average data.
- Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply.
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
Tags: