Retire with confidence

Feeling confident in planning your retirement, and in retirement, comes down to 4 key factors, outlined in the AustralianSuper Monash Retirement Confidence Index. Find out more.
Feeling confident in planning your retirement, and in retirement, comes down to 4 key factors, outlined in the AustralianSuper Monash Retirement Confidence Index. Find out more.

Retirement Confidence Index

We’ve been working with Monash University since 2017 to explore what makes people confident in retirement, and in their transition to retirement. The Retirement Confidence Index (RCI) surveys thousands of Australians each year aged 50 and over. The index uses award-winning methodology1 to determine a score which shows how Australian’s feel about retirement.

4 factors of retirement confidence

The Retirement Confidence Index tells us there are 4 core factors which make up retirement confidence.

These are:

  • financial awareness and planning
  • health and wellbeing
  • social factors
  • retirement awareness and planning
Confidence in retirement
Financial awareness and planning (30%) Health and wellbeing (30%) Social factors (20%) Retirement awareness and planning (20%)
Financial literacy Physical health Social connectedness Future uncertainties
Financial attitude and behaviour Mental health Goal setting for retirement
Financial control
Financial anxiety

4 factors to think about when planning your retirement

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Awareness of the key insights can support you in your retirement planning and in your retirement years.

The Retirement Confidence Index score

In 2021, the average Retirement Confidence Index score for Australians aged 50 and over was 65.1 out of 100. In 2022, the score increased by 0.6 to 65.7.

The Retirement Confidence Index produces a score, estimated from the key socio-demographic variables captured in the study. For example, if the participants are male or female, home owners or renters, or single or in a couple. The score indicates general retirement confidence and is calculated out of 100 – with zero being least confident and 100 being most confident.

An image showing the average retirement confident score for 2022 is 66. 

References

  1. The Retirement Confidence Index study won the best award for research in ageing in 2018 in the 17th National Conference of Emerging Researchers in Ageing.
  2. 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. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.

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