Most retirees in Australia are happy with their retirement, but a significant proportion are concerned about their financial security, according to research commissioned by investment firm Challenger and conducted by YouGov.
The survey of 1,000 Australians over the age of 60 found that while retirees score 70 out of 100 on the Retirement Happiness Index, two-thirds are concerned about their financial stability due to the ongoing cost of living crisis.
A staggering 38% of respondents admitted that they feared they would run out of money in retirement. Interestingly, the survey highlighted that engaging in a variety of activities is what gives retirees the most pleasure, followed closely by factors such as mental wellbeing, a sense of purpose and social connections.
The study identified money, mental health and physical health as the top three concerns for participants. To address financial concerns, retirees are encouraged to consult their superannuation fund or use tools such as the Money Smart Retirement Income Calculator to assess their retirement needs.
