Summary
Four factors to help you feel confident about retirement
Feeling confident about retirement isn’t just about how much super you have. It’s also about how prepared you feel for the lifestyle changes ahead, including managing your finances, health and overall wellbeing. Insights from the Retirement Confidence Study¹ (RCS), which surveyed more than 5,000 Australians, show that people who plan ahead and actively manage their money tend to feel more confident about their retirement.
Key findings from the RCS:
- Planning ahead is strongly linked to higher retirement confidence.
- Talking about retirement helps people feel more prepared.
- Access to financial advice can improve confidence and decision‑making.
- Regularly checking and understanding super supports better outcomes.
The Retirement Confidence Study: in detail
What makes you confident about approaching retirement? Your financial resources? Your financial knowledge? How connected you feel with family and friends? How healthy you are? The reality is they are all crucial factors in living confidently in retirement and your road there. Through the RCS1 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.
Overall the results showed that retirement confidence can be boosted by 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.
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Planning is key
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%).
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.
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.
ONLINE ACCOUNT ACCESS
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Disclaimers
- The AustralianSuper Retirement Confidence Study (RCS) May 2024, independent research by Fiftyfive5. Surveyed 5,061 Australians aged 18+