Older Australians have expressed serious worries for their financial wellbeing, according to new research.
The research revealed one in five retirees are looking to increase their savings and one in 20 retirees plan on cutting out travel and holidays while half of retirees don't feel confident about their financial security over the next five years.
Highlights:
- Over a quarter of Australian retirees are cutting back on their food shopping costs due to financial concerns following COVID-19
- Research reveals half of retirees don't feel confident about their financial security
- Challenger has launched a new tool to help retirees in their retirement income options
A new tool, Retire with Confidence, is now available for Australian retirees and pre-retirees to help them work out how much money they will need and what other options are available for them to retire comfortably.
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