• 85% of pre-retirees seeking greater certainty about their financial future.
• 78% of all Australians aged over 60 -  close to 4 million older Australians - say they’d be happier with a guaranteed income for life.
   

When selecting their three most important elements for a happy retirement, Australians aged 60+ rank:

1. Having good physical health (59%)
2. Having enough money to enjoy retirement (41%)
3. Having good mental health (38%)
4. Home ownership (33%), 
5. Knowing they have enough money to last through retirement (33%)
6. Having a purpose in retirement (33%)
7. Maintaining social connections with family and friends (31%)
8. Being able to travel (16%)
9. Enjoying their hobbies and interests (15%)
    

• Older Australians who own their own home are happier (71.6) than those who don’t own their home (60.7); 
• Those who have sought professional financial advice are happier (73.9) than those who haven’t (64.4); and,
• Those with higher super balances over $500,000 are happier (76.5) than those with super balances under $100,000 (65.3).
   

• Three in four (74%) Australians aged 60+ believe better financial education would improve their happiness
• Half (51%) say they don’t have the resources to plan for retirement. 
• One in five—around 1.2 million retirees—don’t know where to start.  

• Over seven in ten (72%) Australians aged 60+ reported that the rising cost of living has had at least some adverse impact on their financial security
• A third (34%) admitted that the impact was significant
• A third of women over 60 (34%) are extremely or very worried about outliving their savings compared to 20% of men. 
• Those without financial advice are also struggling. Unadvised Australians are twice as likely to be extremely or very worried about outliving retirement savings (35% compared to 19%).

The 2025 Challenger Retirement Happiness Index reveals where Australians 60+ are happiest, with Western Australia leading the way. Here's how the states rank:

• Western Australia: 71.0
• South Australia: 69.7
• New South Wales: 68.9
• Queensland: 68.4
• Victoria: 68.3
• Tasmania/NT/ACT: 68.2

Interestingly, those living in capital cities report a higher level of happiness (70.5) compared to those in non-capital cities (66.8).

The data clearly shows that retired Australians are generally happier (70.3) than pre-retirees (67.6). Older Australians also report higher levels of happiness, with those aged 70+ (70.1) outpacing those aged 60-69 (67.6).

Nearly 60% of Australians aged 60+ feel confident about their retirement financial knowledge, but confidence varies:

• Men (66%) are more confident than women (51%).
• Those who are married or partnered (64%) tend to be more confident than those who are not (49%).
• Retirees (61%) are more confident than pre-retirees (53%).
• Those who have received financial advice (72%) feel more confident than those who haven’t (46%).

Pre-retirees and retirees have distinct concerns as they look to the future:

• Pre-retirees are more likely to worry about financial issues, such as not having enough money to do what they want (46% vs. 34% of retirees) and running out of money in retirement (44% vs. 33%).
• Retirees, on the other hand, are more focused on social concerns, like being overly reliant on loved ones (37% vs. 24%) and losing social connections (20% vs. 16%).

Happiness is also influenced by marital status. Older Australians who are married report significantly higher happiness levels (71.3) compared to those who are not (65.2). Similarly, those with children are generally happier (70.2) than those without (68.9).