Australians are the worst at saving for retirement

A NEW survey by HSBC found that Australians' saving rates for retirement are among the worst in the world.

Australian respondents expected to spend a total of 23 years in retirement, but only had sufficient funds for 10 years. 

This is certainly not an ideal position for Australians to find themselves when facing retirement said Mortgage Choice Financial Planning spokesperson Jessica Darnbrough.

"Australians both young and old should use these statistics as forewarning to start thinking about their current financial situation, and what they can do now to prepare for their inevitable retirement," said Ms Darnbrough.

According to Mortgage Choice's recent Happy As Index, which canvassed the opinions of more than 1,100 Australians, almost 50 per cent of mortgage holders plan to make changes to their financial situation this year.

"Of those who plan to make the changes, 22.9 per cent said they recognise the need to increase their retirement savings in order to continue living the life they want to live when in retirement."

Ms Darnbrough said that while it is great to see such a large portion of mortgage holders with good financial intentions for the year ahead, it is often hard to know where to start when making a change.

"When planning for retirement a good place to start would be with your superannuation. There are a few simple ways that Australians can boost their super and make a considerable difference to their final nest egg."

Topics:  retirement savings superannuation

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