Most Aussies say things look dire for when they retire

A majority of Australians think the age pension should be increased, while most Australians who aren't retired think they won't have enough money when they do. The Australian National University (ANU) survey of almost 3,500 adults in early 2021 found more than seven-in-10 adults (70.5 per cent) think the current age pension of $944.30 per fortnight for a single person with no children isn't enough. The average age pension payment supported by respondents was $1,115 per fortnight. The study also found almost six-in-10 (55.7 per cent) of Australians who aren't yet retired are worried they won't have enough savings to live comfortably when they stop working. "In early 2021, as Australia was continuing to emerge from the COVID-recession, the majority of Australians who weren't currently retired thought that they will not have enough money when they do," Professor Biddle said. "Of those Australians who say they are worried about not having enough money in retirement in 2021, females, people who hadn't finished year 12 and those living outside capital cities were most concerned. "Our study shows a large increase since the last time we asked this question in 2015, when only 39.6 per cent of Australians thought they would not have enough money to live comfortably." According to the findings, 38 per cent of Australians think they will have enough savings to live comfortably in retirement - a similar level to 2015 when 39 per cent of people said the same.