Two in three (65%) Australians aged 60+ say that the rising cost of living has had a significant impact/some impact on their financial security with one third (32%) admitting it has had a significant impact.

Two in three (65%) Australians aged 60+ say that the rising cost of living has had a significant impact/some impact on their confidence that they will have enough money for retirement.

• Women are more likely than men to say that the rising cost of living has had a significant impact on their confidence that they will have enough money for retirement (37% compared to 29%).
• Pre-retirees are more likely than retirees to report that the rising cost of living has had a significant impact on their confidence that they will have enough money for retirement (38% compared to 30%).
• Those who aren’t married are more likely than their married counterparts to say that the rising cost of living has had a significant impact on their confidence that they will have enough money for retirement (39% compared to 30%).

Money ranks behind only good physical health as the key to a happy retirement.

According to Australians aged 60+, having good physical health, having enough money to enjoy retirement, and having good mental health are the top three most important elements needed for a happy retirement.

• Other important elements include maintaining social connections with family and friends, knowing they have enough money to last their retirement, being able to enjoy their hobbies/interests, having a purpose in retirement and being able to travel.

Two in three (65%) Australians aged 60+ agree that they would be much happier if they didn’t have to worry about their finances in retirement, with four in ten (39%) strongly agreeing in this regard.

• Women are more likely than men to strongly agree that they would be much happier if they didn’t have to worry about their finances in retirement (43% compared to 34%).
• Pre-retirees are more likely than retirees to agree that they would be much happier if they didn’t have to worry about their finances in retirement (72% compared to 60%).

More than seven in ten (72%) Australians aged 60+ agree that they would be much happier if they had a guaranteed income for life in retirement, with over four in ten (42%) strongly agreeing in this regard.

• Pre-retirees are more likely than retirees to agree that they would be much happier if they had a guaranteed income for life in retirement (79% compared to 68%).

Running out of money in retirement is behind only losing physical health/fitness, losing mental sharpness as the top three concerns about getting older (including retirement).

• Pre-retirees are more likely than retirees to rank running out of money, not having enough money to do what they want to do and being bored without any meaningful work as the top three concerns they have about getting older.
• Unmarried Australians aged 60+ are more likely than their married counterparts to rank not having enough money to do what they want to do as one of the top three concerns they have about getting older.

Two in three (65%) Australians aged 60+ agree that their happiness would be impacted if they were to miss out on benefits such as the healthcare card, with over a third (34%) strongly agreeing in this regard.

• Women are more likely than men to strongly agree that their happiness would be impacted if they were to miss out on benefits such as the healthcare card (39% compared to 29%).
• Australians aged 70+ are more likely than those in their 60s to agree that their happiness would be impacted if they were to miss out on benefits such as the healthcare card (69% compared to 61%).

Research reveals that more than three in four (77%, or the equivalent of approximately 4.5 million Australians aged 60+) say that education about their financial options in retirement would have a positive impact on their happiness.

• Nearly one in two (48%) Australians aged 60+ have received professional financial advice from a financial adviser.
• Around one in five (17%) are currently receiving it, while a third have previously received it.
• Those who have never received professional financial advice (40%) are more likely than those that received advice (26%) to report that the rising cost of living has had a significant impact on their confidence that they will have enough money for retirement
• Married Australians (20%) aged 60+ are more likely than their unmarried counterparts (12%) to report that they currently receive professional financial advice from a financial adviser

Retirees are more likely than pre-retirees to state that they have already downsized to a smaller property (34% compared to 26%), while pre-retirees are more likely than retirees to say they plan to do so in the next 2-5 years (13% compared to 7%) or in more than five years (13% compared to 8%).

• It being easier to manage and maintain (63%) and no longer needing as much space (55%) are the main reasons for doing so.
• Other reasons cited include moving to somewhere that is more convenient (25%), freeing up money to pay off their mortgage, invest or spend (16%), it has lower utility bills (14%), it has lower monthly mortgage or rent payments (13%), to have more time for hobbies/interests (13%), reducing their carbon footprint (6%) and due to pressure from family or friends (3%)

South Australian (SA) residents are more likely than their counterparts in New South Wales (NSW), Victoria (VIC) and Queensland (QLD) to rank having enough money to enjoy retirement (61% compared to 48%, 44% and 47% respectively) as one of the top three most important elements for a happy retirement.

On the other hand, those from NSW, VIC and QLD are more likely than their SA counterparts to rank knowing they have enough money to last their retirement (34%, 35% and 36% compared to 20%) as one of the top three most important elements for a happy retirement.

Downsizing

Queenslanders are more likely than those from NSW and VIC to say they’ve already downsized their property (38% compared to 27% and 29%).

Those living in SA are twice as likely as those living in NSW and QLD to say that they play to downsize to a smaller property in the next 2-5 years (14% compared to 7% and 6%).

Advice

Those from NSW, VIC and SA are more likely than those from Western Australia (WA) to report that they currently receive professional financial advice from a financial adviser (19%, 17% and 27% compared to 8%).

Residents of QLD and WA are more likely than residents of VIC to say they’ve never received professional financial advice and don’t intend to seek it in the future (29% and 31% compared to 19%).
 

Cost of Living

Regionally, those from QLD are more likely than those from NSW to say that the rising cost of living has had a significant impact on their confidence that their money will last through retirement (42% compared to 30%).

Those from QLD are more likely than those from NSW to report that the rising cost of living has had a significant impact/some impact on their financial security (71% compared to 60%).