Australians concerned about retirement -ANUpoll »
A new poll from The Australian National University (ANU) on ageing and money has found many Australians are worried about their retirement and ability afford a comfortable life after leaving the workforce. The latest ANUpoll found almost half of working-age Australians expected to receive the age pension when they retire, while almost 40 per cent worry that they will become a burden on their families in old age. Professor Matthew Gray said the ANUpoll demonstrated how retirement remains a considerable cause of angst for Australians, and that some elements of retirement policy need more attention. "Amongst the Australian population there is a considerable diversity of circumstances and behaviours related to the financial aspects of ageing," said Professor Gray, from the ANU Centre for Social Research and Methods. "While many Australians will have adequate retirement incomes, other Australians are likely to experience low living standards later in life." In 1992 the Australian Government introduced compulsory superannuation payments for workers to help them save for retirement and ease the demands on the pension system as the population ages. But the ANUpoll found only 20 per cent of those surveyed were confident they would be able to afford a comfortable retirement, while one in three consider it unlikely they will have sufficient funds. The existing policy is to increase the Age Pension qualifying age to 67 years and there are proposals to increase the age to 70.
