Australians believe they need more than A$1 million to retire comfortably, an increase of A$183,000 in 12 months, according to new research from Colonial First State.
Inflation and rising living costs are driving concerns about running out of money after leaving the workforce. The survey of almost 2,000 people found Australians aspire to retire at 62 but expect to work until they are 66.
"The cost of living continues to increase, inflation has spiked significantly," said Marissa Powe, CFS Executive Director. "People are getting more engaged with their super, they're seeing their balances and they're trying to figure out 'how long will this last me?'"
Australia's A$4.5 trillion pension industry ranks among the top globally, but anxiety persists. Women are more likely to experience retirement-related stress, with 62% worrying they won't have enough money, compared with 48% of men.
