Cost of living pushes retirement plans further down the line: Finder

Yasmine Raso

Senior Journalist

6 February 2025

New consumer research conducted by Finder has found a selection of Australians have had to either put off their retirement or return to the workforce in the last two years.

The survey of 555 Australians over the age of 43 found that 16 per cent had to delay their retirement or head back to work, with seven per cent of those indicating that cost of living was the main reason for this choice.

According to Finder, this equates to 805,000 Australians with “insufficient funds in super or other investments” to eliminate the need to return to work.

A further four per cent put off their retirement due to boredom and one per cent had to remain in their job instead of retiring due to an emergency.

“There’s a growing retirement savings crisis in Australia,” Pascale Helyar-Moray OAM, Finder’s superannuation literacy expert, said.

“Australians dedicate much of their lives to working hard, often dreaming of the ‘golden years’ of retirement, but for many, stepping back simply isn’t a viable option.”

The Finder research also indicated that more women (eight per cent) than men (six per cent) responded to the survey saying they had to continue working or come out of retirement early.

“Factors like the gender pay gap, career breaks for caregiving, and part-time work disproportionately affect women’s retirement savings. My number one rule when it comes to women and super is to just add as much as you can, as early as you can,” Helyar-Moray said.

“Contributing even a little extra to your superannuation can make a significant difference over time.

“It’s also essential to shop around and find a super fund that meets your specific needs and offers competitive fees and investment options. More importantly, choose a find that aligns with your values; you’re more likely to stick with it over time.

“Building a robust super nest egg is one of the most important things we can do to secure our financial future – so don’t be afraid to seek financial advice to make informed decisions about your fund.”