Australians are pushing back their retirement plans and cutting back on superannuation contributions as rising living costs and economic uncertainty strain household budgets, new research from Equip Super shows.
The findings, part of Equip Super’s Financial Security Index, reveal that the average expected retirement age has increased by more than six years as many Australians rethink when they can afford to leave the workforce.
The survey found that 21% of respondents had reduced their super contributions in the past year, while more than one in 10 had increased them. This suggests that while many are tightening their budgets, some are taking proactive steps to strengthen their retirement savings.
Cost-of-living pressures were the top concern for those approaching retirement, cited by 43% of respondents. Other major worries included insufficient super savings (25%) and the affordability of healthcare (18%). Confidence in the broader economy remains subdued, with only one in five Australians feeling more optimistic than they did a year ago.
The Index surveyed more than 2,000 Australians to understand how financial confidence, behaviour and retirement planning are evolving amid ongoing economic pressures.
Equip Super Chief Experience Officer Carrie Norman said the findings highlight the financial strain many households are under.
“Many Australians are feeling the impact of higher living costs and changing economic conditions,” she said. “While the environment is challenging, there are still positive, practical steps people can take, from reviewing their investment mix to accessing financial advice or support to help them make informed decisions and feel more confident about the future.”
Norman said even small, manageable actions can make a meaningful difference over time and help people stay connected to their long-term retirement goals.
The research also found that Australians remain highly engaged in their retirement planning. Nearly half (45%) said they had reviewed their superannuation or retirement plan in the past year, and more than half (52%) said they wanted additional support or guidance to help them make confident financial decisions.
For Townsville couple Duncan and Julie McLean, who are retiring this year, planning ahead helped ease uncertainty about their financial future.
“The scary part was not really knowing what our income would be or how long it would last,” Julie said. “Once we sat down and worked through it properly, it was a huge relief to understand where we stood.”
The McLeans said advice from their super fund helped them map out their retirement income, understand how their super and Centrelink would interact, and make decisions that felt structured and manageable.
“In hindsight, we wish we’d done it a couple of years earlier,” Duncan said. “If you’re coming up to retirement, don’t wait until the last minute. Even a few years out, talking it through helps you plan properly and makes the transition a lot smoother.”
Norman said the McLeans’ experience reflects a broader national trend of Australians taking a more active role in preparing for retirement.
“We are seeing more members come to us for retirement planning and advice,” she said. “Some members are adjusting contributions, others are deferring retirement, but the common theme is Australians are taking stock and making decisions that help them regain a sense of control and confidence in their retirement. That willingness to engage is encouraging.”
She added that while people are realistic about the challenges, many are focused on making informed choices and taking practical steps to protect their financial future.
