And it's not just the older members of society either. The 35 to 49 year old demographic emerged as the most worried about their future prospects.
For retirement to be enjoyable, being free of financial stresses and strains is important.
But as the chill winds of the current economic slump wreak havoc with the share market and keep interest rates low, many Australians are concerned about how they will fund their retirement.
Ian Henschke, is the Chief Advocate of National Seniors Australia and outlines some of the biggest concerns.
"Would they have enough savings to last out their lives and also would they have enough there to pay for adequate aged care and health costs which we know rise as you get older, so it's a worrying time for seniors in particular.". said Mr Henschke.
And Australians who are yet to reach retirement age are also feeling concerned what the economic slowdown will do to their retirement income.
The study, by Colonial First State, found many Australians expect they may have to work past their expected retirement age due to the pandemic.
And those aged between 35 and 49 years old age were the most worried about their financial wellbeing once they've retired.
Kelly Power is the General Manager of Product at First State and she says there's reason to feel concerned.
And with rising unemployment, there's every chance many older Australians may not be able to get as much work as they'd like to supplement their savings.
The situation for women in particular is already not a good one in terms of retirement.
They're already well behind men, as Ms Power explains.
"Women retire on average with $90,000 less than men and that's the result of them taking time off to have children or just generally having lower incomes on average. So that was an issue coming into the pandemic and it will emerge a greater issue coming out of the pandemic, because our research has shown that women predominantly have saved less during the pandemic", said Ms Power.
As unemployment rises though, the chances of working after retirement age are probably becoming more difficult.
There are ways of ensuring your retirement income can be boosted - even a small amount put towards your retirement can pay big dividends if you start early enough.
Kelly Power argues that just a little bit of saving can go a long way.
"It's challenging for people to put additional money into their super, a lot of people are struggling day to day to make ends meet. That said a small top up now can have a major impact when you hit retirement age. So, $10 dollars a week now can equate to $25,000 dollars if you are 30 and you are putting away that ten dollars", said Ms Power.
Making a little go a long way may be even more important than ever once the world's economy emerges from the current crisis.
