Survey Shows Generational Differences in Retirement Goals
MELBOURNE — Australians are now setting their sights on an average of $1.9 million for retirement, according to a recent survey by Equip Super. The findings indicate a significant increase in the amount of money people believe is necessary for a comfortable retirement.
The Equip Super Financial Security Index, which surveyed 2,000 Australians, highlights a nearly double increase in retirement savings expectations compared to a similar survey conducted 18 months ago. Carrie Norman, Equip Super’s Chief Experience Officer, stated that while these aspirations are understandable, they may not align with the reality of what is required for a comfortable retirement.
According to the Association of Superannuation Funds of Australia (ASFA), a single person typically needs $630,000, while a couple requires $730,000 for a comfortable retirement. Norman advised that professional guidance and a well-structured plan can help individuals achieve their desired retirement outcomes.
Divergent Retirement Goals Across Generations
The survey also revealed that younger Australians, particularly Gen Z, are aiming for a $2.5 million retirement fund, with plans to retire at the age of 60. Millennials are targeting $2.1 million, while Gen X is looking at $1.85 million. In contrast, Boomers expect to retire with $1.46 million at age 67.
This generational divide underscores the impact of rising cost-of-living pressures and shifting lifestyle expectations on retirement planning. Many respondents reported delaying their retirement plans by over six years on average due to economic pressures.
Despite the ambitious savings goals, only a small proportion of Australians have a concrete retirement plan. The survey found that 21% of respondents prefer to postpone planning, while 19% are unsure of where to start. Norman emphasised the importance of engaging with super funds and financial planners to create a personalized retirement strategy.
Source: newshub.medianet.com.au
Last updated: 1 April 2026, 10:26 am
