Home Australia Most think age pension is not adequate

Most think age pension is not adequate

Most think age pension is not adequate

A majority of Australians think the age pension could possibly soundless be elevated, with many fearing they gained’t manage to pay for once they enter retirement.

An Australian Nationwide University gaze of 3500 adults discovered larger than seven out of 10 adults think the unique age pension of $944.30 per fortnight for a single particular person isn’t ample.

Early Newspaper

The average age pension supported by respondents become $1115 per fortnight.

Well over half of of of us (55.7 per cent) who’re not yet retired are fearful they gained’t own ample savings to reside with ease once they cease working.

This compares with 39.6 per cent when the ANU final surveyed on these subject matters in 2015, discover co-author Nicholas Biddle acknowledged.

“Of those Australians who inform they are fearful about not having ample money in retirement in 2021, females, of us who hadn’t finished 365 days 12 and those out of doorways capital cities were most concerned,” Professor Biddle acknowledged.

A majority of respondents (55 per cent) think the compulsory superannuation guarantee could possibly soundless be elevated from 9.5 per cent to 12 per cent by 2025 as legislated.

Another 20.8 per cent acknowledged the price could possibly soundless be larger than 12 per cent.

Slightly below half of acknowledged they would use their beautiful for other capabilities in the event that they were allowed to access their savings early.

Of those, 26.9 per cent acknowledged they would use it to decide a home or minimize their mortgage, whereas 10.2 per cent acknowledged they would use their savings to satisfy unique dwelling prices.

Respondents were also asked whether or not the JobSeeker dole cost become adequate after the $50 per fortnight expand from April 1.

Roughly a third opinion it can possibly perchance also soundless be larger than the $620.80 per fortnight now paid and on average respondents opinion a price of $711 per fortnight become extra acceptable.

Most think age pension is not adequate