Mortgage Choice’s inaugural Financial Confidence survey shows 65.2% of Australians are concerned about their retirement funds.
Of those surveyed, 60.7% said they would need $500,000 in order to retire comfortably, while 18.5% had no idea how much money they would need.
The majority of Australians want to live a comfortable retirement and believe they need to have a huge savings, says Mortgage Choice chief executive officer John Flavell.
Many industry websites recommend Australians have about $600,000 in savings when they retire. Savings can come from a variety of areas and assets, including the sale of an owner-occupied home. But it can be hard to save in just a few years, so Australians should start planning for their retirement as early as possible.