Australians may be forced to raid the inheritance to fund retirement
Increasing financial pressures faced by Australians are set to breaks the tradition of the next generation enjoying a better lifestyle than the one before, research reveals.
Data from the IPSOS/MLC Australia today — part two - A look at lifestyle, financial security and retirement in Australia, white paper, found a third of Australian's believe their children will not be able to afford the same quality of life as they have.
Researchers found that almost three in five Australians were concerned that they might not be able to maintain their current lifestyle over the coming decade, people age 50 to 70 years marginally more concerned, while 17 per cent said they would have to rely on family inheritance to pay off their mortgage.
MLC chief executive, Andrew Hagger, said the research there's a lot of work to be done to help the nation feel more confident about the future.
"We know that maintaining our lifestyle and financial security are our top priorities for Australians," he said.
"However, Australians are telling us they are worried.
"There has always been the expectation that future generations will do better than us.
"Yet these findings paint a different picture. It's concerning to see so many people worried about how their children will afford their own homes and live a comfortable lifestyle."
The research also found that 35 per cent of respondents were concerned about their job security, with that fear highest among new migrants who moved to Australia within the last four years (78 per cent).
AUTHOR
Nicholas O'Donoghue
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