Two thirds of respondents who proactively chose to retire, had significantly fewer worries (51%) and adjusted better to being retired (44%) compared to those who retired out of necessity (32% and 28% respectively).

Having the financial security to optimise choice may have longer term benefits.

• 77% of Challenger customers have a clear sense of purpose and meaning in retirement life
• Challenger customers ranked having a purpose an 8 or more out of 10 in importance
• More than half of Challenger customers surveyed chose ‘enjoyment’ as their primary purpose in retirement. Keeping well was also considered an important purpose.

Insights from Challenger customers over 60 compared with National Seniors Australia (NSA) 2023 and YouGov’s 2024 findings on Australians over 60 revealed they are:

• Mentally healthier in retirement¹
• Significantly less worried about outliving their savings ²
• Feel more secure financially in retirement ³ 
• Have more social connections and relationships ⁴
• Are happier overall ⁵

When we compare results across different surveys, like this it is important to remember that people may have different asset bases, and this might influence the results.

1. YouGov 2024 ‘I consider myself to be mentally healthy’ (Rating 78%; Challenger customers rated 85% resulting in a 9% uplift)

2. NSA 2023 “The cost of living and older Australians’ financial wellbeing” report p13.(15% said not worried about outliving savings; compared to 39% of Challenger customers resulting in 160% uplift)

3. YouGov 2024 ‘I feel financially secure’ (Rating 56%; Challenger customers rated 72% resulting in a 29% uplift)

4. More Challenger customers have good social connections and relationships

5. YouGov 2024 Overall Happiness Index (Overall rating 70%; Challenger customers rated 77% resulting in a 10% uplift)

• Nearly 60% of Challenger customers surveyed currently have an adviser and 34% have previously consulted one
• Top reason for males not having an adviser is their preference to manage their portfolio themselves whereas for females it is because having an adviser is too expensive followed by not having enough funds.
• 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 retirement⁶
   

6. YouGov 2024 Research