Australian retirees hit hardest by global financial crisis
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
"Australians have felt the GFC acutely and for a prolonged period because of the strong links between our pension and superannuation systems and equity markets, which saw more than 50 per cent falls following the crisis," said Graham Heunis, HSBC Australia's head of retail banking and wealth management. "It has resulted in many Australians' retirement plans being disrupted."
According to the survey, almost 80 per cent of Australian retirees reported an income fall upon retiring. More than 40 per cent reported their income falling by half. That was about double the global average and way ahead of other western markets including the US at 16 per cent and Britain at 24 per cent.
Apart from the financial crisis, Australian retirees blamed the drop in income on unexpected events or expenses such as children moving back home or health-related expenses as well as insufficient planning.
About 40 per cent of retirees say they did not prepare adequately or at all for a comfortable retirement. About 60 per cent said that their preparations for retirement turned out to be at least adequate.
HSBC's Future of Retirement: Life After Work? report also shows that one in six working-age Australians believe they will never be in a financial position to fully retire. That is higher than the global average of 12 per cent and on a par with the US and Britain.
Australians are working longer but are also embracing semi-retirement in greater numbers. On average, Australians expect to fully retire at 64 (compared with the global average of 59), which is three years later than when their parents retired.
One-third of Australians aged 55 to 64 are semi-retired.
Call 1300 880 160
Start a chat
Schedule a call
