Australians dreaming of retirement don't have enough money to turn that dream into reality.
HSBC's Future of Retirement research shows that nearly three quarters of Australians aged over 45 dream of retiring in the next five years, but almost half say they will be unable to.
The findings were part of a global survey of more than 18,000 people, which found the desire to retire early was strongest among Aussie workers.
Just over 70 per cent of Aussies unable to retire said they have not saved enough money to end their working life, while 28 per cent have a lot of debt.
"Many Australians dream of an early retirement, but the reality is that concerns about money prevent them from achieving their goal," HSBC Australia's head of retail banking and wealth management Graham Heunis said.
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Almost two-thirds of those surveyed want to retire to give them freedom to travel or pursue other interests, while 36 per cent want to spend more time with their family.
One in four want to retire because work is having a negative impact on their mental or physical health.
Eight in 10 pre-retirees think poor health will make saving for their retirement tougher.
And it's not just people's finances while they are still working which are causing concern.
More than one third of people fear their financial situation will deteriorate after retirement.
"With the vast majority of superannuation funds linked to the stock market, the current volatility only increases the need for sound retirement planning," Mr Heunis said.
"Even small amounts saved now could make a difference in the future."
RETIREMENT? TELL `EM THEY'RE DREAMING
*74pct of Australians over 45 would retire in next five years if they could
*43pct of those say they will be unable to
*36pct of working age people fear their financial situation will worsen after retirement
*80pct of pre-retirees believe poor health will make saving for retirement harder
(Source: HSBC Future of Retirement report)
