According the latest research from MLC, an increasing number of Australians believe they will not be able to save enough to fund their retirement, which may be leading to more focus on paying off debt and putting more into savings.
Between the fourth quarter of 2016 and the first quarter of 2017 an increase was observed in the number of Australians who believe they won't have enough money for retirement. This number has risen from 24 per cent to 32 percent of respondents in the MLC Wealth Sentiment Survey.
The research has identified a large disconnect between the retirement Australians want and the one that they expect. Most respondents want their retirement to be relaxing and comfortable, but expect it to be stressful and difficult. Some respondents believe they need upwards of $1 million to retire with.
The survey shows 21 per cent of Australians intend to pay off more debt than they were previously in the next three months, compared to only 13 per cent who intend to pay off less.
Roughly 75 per cent of Australians have not seen a financial adviser in the last five years, with many believing they don't earn enough to justify doing so. The majority of Australians who did see a financial adviser in the last five years did so for retirement and superannuation planning, with older people being much more likely to seek advice.
A majority of those who have not sought financial advice said they would do so if they had more disposable income or their needs were more complicated.