Australians heading towards retirement are increasingly worried they will run out of money, and ASIC is trying to help turn that anxiety into action through new Moneysmart tools that brokers can also use with clients.
New national research from ASIC shows 48% of Australians aged 50 to 66 are concerned they could exhaust their savings, while nearly a third feel they are already behind in planning, yet only 18% have a clear retirement plan in place.
With around 2.5 million Australians expected to retire over the next decade, ASIC has made retirement planning a priority and is rolling out a consumer awareness campaign directing people to its new Moneysmart Retirement Hub.
That planning gap is emerging just as more clients are carrying larger home loans later in life and relying on home equity and property wealth as a core part of their retirement strategy.
ASIC’s survey found only 26% of pre‑retirees have a strong understanding of how retirement finances work, and 46% report both low literacy and low confidence. A further 58% say they want to learn more about superannuation and retirement.
ASIC Commissioner Alan Kirkland (pictured) warned that uncertainty can quickly escalate if it is not addressed.
“It’s natural to feel uncertain about retirement but without a clear plan in place and that uncertainty can quickly turn into anxiety about whether you will have enough money,” Kirkland said in a media release.
To address rising anxiety, ASIC has launched a new Retirement Hub on its Moneysmart website, including an upgraded Retirement Planner that lets users see projected income from superannuation, the Age Pension, and other sources, test scenarios, and assess whether they are on track.
The planner brings key income streams together in one place and is designed to help Australians answer practical questions such as whether they are on the right track for the lifestyle they want in retirement and what steps they can take next.
For mortgage brokers, the tools provide a credible framework to integrate loan advice with longer‑term retirement planning discussions, particularly around borrowing capacity, mortgage rates and strategies to clear or restructure debt before clients leave the workforce.
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