A Decade Behind: One Third of Australians Unprepared for Retirement
29% of Australians aged 50 and over are underprepared for retirement by more than 10 years against average life expectancy.
Fidelity’s new report, The Longevity Revolution: Preparing for a New Reality, highlights the need for an urgent rethink of how people prepare for longer lives.
Drawing on global research across 13 markets and in-depth surveys of over 11,800 participants aged 50 and over, the report highlights the growing gap between rising life expectancy and financial preparedness.
The 10-year savings gap was revealed by comparing how long people expected their retirement savings to last against the average life expectancy in their location.
- Globally, 42% of those surveyed were under-prepared by 10 years or more.
- Although the proportion was notably lower in Asia-Pacific (APAC).
By 2050 an estimated 3.67 million people globally are expected to reach 100.
Author's summary: Australians are underprepared for retirement due to a 10-year savings gap.