More than 80 per cent of Gen X and Y Australians may not be able to afford a comfortable retirement, according to research undertaken by Griffith University.
Commissioned by No More Practice Education, it shows that in 26 years’, more than $2.06 million will be needed to achieve the retirement goal.
Based on that figure, 81.3% of people born from 1966 to 1994 are going to fall short. That percentage rises to almost 94% if Australia’s long running inflation rate of 5.07% is used as the figure.
The research was led by Professor Mark Brimble and is featured in the report “Reinvention is the new Retirement“.
“Whilst these numbers represent our ‘worst case’ scenario analysed, they are a very real possibility we need to be prepared for – this low growth scenario has been the reality for countries like Japan for over 20 years,” said Professor Brimble.
Marcus Field, Managing Director of No More Practice
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