Australians rely on property to fund retirement
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Aug 4, 2016
Australians rely on property to fund retirement
Australians are more likely than residents of any other country to rely on proceeds from the sale of property to fund their retirement, says HSBC's Future of Retirement report.
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Almost a third of working-age Australians say they expect to continue to working during their retirement, compared with only 10% of current retirees.
Australians expect to save for retirement for 11 years longer than current retirees. Australians are also likely to rely on proceeds from the sale of property to fund their retirement.
HSBC's latest Future of Retirement report 'Generations and Journeys' compares data from 17 countries around the world, and finds that Australians are the most likely to rely on income from property to help fund the cost of their retirement (26%).
However, it appears that these proceeds may not be enough to fund retirement for many, with 31% saying they expect to continue to working during their retirement, compared to only 10% of current retirees.
"Starting to save early may no longer be enough to ensure a comfortable retirement," said Charlie Nunn, Group Head of Wealth Management, HSBC.
The Future of Retirement report is a global study of global retirement trends, commissioned by HSBC. This latest report is the 13th in the series and comprises of input from 18,207 people in 17 countries.
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