UBCNews - Business - On Track For Retirement? Two Out of Three Australians Say No

Episode Date: November 17, 2025

The speed of the rat race is picking up in Australia, social experts note. Once known for its laid-back culture, the Land Down Under is increasingly known as a place where individuals must jostle and scrape to get ahead. But many may be working so hard to make ends meet that they forget that one day the race will end. Only half of Australians have taken the time to access government retirement information, and nearly the same number have no idea how they will pay for retirement. Going from zero retirement planning to consulting a financial advisor may feel overwhelming to many. However, using online financial planning tools can be a great first step, according to the experts at Approved Financial Planners of Beach City. Aussies are facing many of the same economic pressures that many in Western countries have experienced in the post-pandemic world. Inflation, increased living costs, and mortgage debt have taken their toll. Inflation in Australia eased to a more manageable 2.1% in the June 2025 quarter, down from 2.4% in March, according to the ABS. But while overall price growth has slowed, household budgets remain under pressure from persistent food costs. Egg prices surged 19.1% year-over-year, lamb rose 12.1%, and fruit and vegetable prices climbed 4.6%. Cooking oils also remain elevated, as global supply chain pressures continue to filter into Australian supermarkets. Just three years earlier, in June 2022, inflation peaked at 6.1%, underscoring the steep climb in living costs Australians have endured. These recent economic trends have worsened established financial patterns. Research indicates that approximately 40% of Australians lack confidence in their retirement readiness, despite recent increases in overall optimism. Financial literacy gaps continue to challenge pre-retirees as they plan for their future. Most Australians require 60-70% of their pre-retirement income to maintain their desired lifestyle after leaving the workforce. However, many individuals fall short of this benchmark and need multiple funding sources, including superannuation, government Age Pension, and additional savings. There is no official retirement age in Australia, but individuals must be at least 67 years old to qualify for the age pension. Meeting with a financial advisor can be intimidating - especially for those who are playing catch up. However, there are a multitude of online financial planning tools that can help individuals take stock on their own. Online retirement calculators, superannuation fund calculators, retirement checklists, and lifestyle planners can help Aussies take baby steps toward retirement planning. Using tools like these can help individuals to evaluate their financial position and retirement goals from home, according to the experts at Approved Financial Planners. Users can identify gaps in their current savings strategy and clarify their retirement lifestyle expectations through systematic assessment. This data can also help them feel more prepared and confident if they decide to meet with a financial advisor - which is a wise move the closer to retirement someone is when they start. For more, visit the link in the description! Approved Financial Planners Pty Ltd City: Floreat Address: 7/437 Cambridge St, Website: https://approvedfp.com.au

The speed of the rat race is picking up in Australia, social experts note. Once known for its laid-back culture, the land down under is increasingly known as a place where individuals must jostle and scrape to get ahead. But many may be working so hard to make ends meet that they forget that one day the race will end. Only half of Australians have taken the time to access government retirement information, and nearly the same number have no idea how they will pay for retirement. Going from zero retirement planning to consulting a financial advisor may feel overwhelming to many.

However, using online financial planning tools can be a great first step, according to the experts at approved financial planners of Beach City. Ozies are facing many of the same economic pressures that many in Western countries have experienced in the post-pandemic world. Inflation, increased living costs, and mortgage debt have taken their toll. inflation in Australia eased to a more manageable 2.1% in the June 2025 quarter, down from 2.4% in March, according to the ABS. But while overall price growth has slowed, household budgets remain under pressure from persistent food costs. Egg prices surged 19.1% year over year, lamb rose 12.1%, and fruit and vegetable prices climbed 4.6%.

Cooking oils also remain elevated as global supply chain pressures continue to filter into Australian supermarkets. Just three years earlier, in June 2022, inflation peaked at 6.1%, underscoring the steep climb in living costs Australians have endured. These recent economic trends have worsened established financial patterns. Research indicates that approximately 40% of Australians lack confidence in their retirement readiness, despite recent increases in overall optimism. Financial literacy gaps continue to challenge pre-retirees as they plan for their future. Most Australians require 60-70% of their pre-retirement income to maintain their desired lifestyle after leaving the workforce. However, many individuals fall short of this benchmark and need multiple funding sources, including superannuation,

government age pension and additional savings. There is no official retirement age in Australia, but individuals must be at least 67 years old to qualify for the age pension. Meeting with a financial advisor can be intimidating, especially for those who are playing catch-up. However, there are a multitude of online financial planning tools that can help individuals take stock on their own.

Online retirement calculators, superannuation fund calculators, retirement checklists, and lifestyle planners can help Aussies take baby steps toward retirement planning. Using tools like these can help individuals to evaluate their financial position and retirement goals from home, according to the experts at approved financial planners. Users can identify gaps in their current savings strategy and clarify their retirement lifestyle expectations through systematic assessment. This data can also help them feel more prepared and confident if they decide to meet with a financial advisor, which is a wise move the closer to retirement someone is when they start.

For more, visit the link in the description.