Almost half of seniors worried about their retirement income

Almost half of working senior Australians are not confident in the adequacy of their retirement income, according to a new report.

The 3rd Seniors Sentiment Index, released by National Seniors, assessed older Australians’ views on their financial, health and social wellbeing as well as the views from the wider Australian society.

The study found 43 per cent of non-retired people are ‘not very’ or ‘not at all’ confident in the adequacy of their income, from all sources, for retirement.

National Seniors chief executive Michael O’Neill said the results reflected the financial worry many working-aged seniors faced.

“People are working longer but they’re not confident that they have adequate super to retire on,” O’Neill said.

“It’s hard for seniors to have long-term confidence in their super when there’s uncertainty over political policies and concern about share market cycles.”

O’Neill said the report provided valuable insight into how seniors view their lives as the Australian economy and society changes.

“The latest release of the Index allows us to track changes in the wellbeing of Australia’s seniors within the previous 12 months,’’ he said.

Seniors indicated the three most important factors to leading a good life were: feeling safe and belonging; having fulfilling personal relationships; and being in good health.

In relation to finances, 20 per cent of seniors had some or significant difficulties paying for basic household expenses such as house/auto repairs and maintenance; utility bills; and health care/medications.

Men ranked more favourably in relation to finances compared with women. However, men rated slightly lower in the social and health domains.

The 3rd Seniors Sentiment Index assessed the views of 1873 older Australians. It follows the release of the Seniors Sentiment Index in 2013 and 2014. A full copy of the report is available here.

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