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Most Aussies believe pension is not enough for 'comfortable' retirement

News

A majority of Australians believe the age pension should be increased, with many fearing they won’t have enough money when they enter retirement.

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An Australian National University survey of 3500 adults found more than seven out of 10 adults think the current age pension of $944.30 per fortnight for a single person isn’t enough.

The average age pension supported by respondents was $1115 per fortnight.

Well over half of people (55.7 per cent) who aren’t yet retired are worried they won’t have enough savings to live comfortably when they stop working.

This compares with 39.6 per cent when the ANU last surveyed on these topics in 2015, study co-author Nicholas 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 outside capital cities were most concerned,” Prof Biddle said.

A majority of respondents (55 per cent) believe the compulsory superannuation guarantee should be increased from 9.5 per cent to 12 per cent by 2025 as legislated.

Another 20.8 per cent said the rate should be greater than 12 per cent.

Just under half said they would use their super for other purposes if they were allowed to access their savings early.

Of those, 26.9 per cent said they would use it to purchase a home or reduce their mortgage, while 10.2 per cent said they would use their savings to meet current living expenses.

Respondents were also asked whether the JobSeeker dole payment was adequate after the $50 per fortnight increase from April 1.

Roughly a third thought it should be higher than the $620.80 per fortnight now paid and on average respondents thought a rate of $711 per fortnight was more appropriate.

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