The regulator said that in the past six months more than 160,000 Australians have used its Moneysmart Retirement planner highlighting strong demand for trusted guidance as many approach retirement with uncertainty about their financial future.
The data revealed that 162,339 unique users accessed the planner between 24 November and 24 May, demonstrating sustained engagement with the tool that allows Australians to estimate how much income they could have in retirement, understand whether they are on track for the retirement they want, and explore how different scenarios could affect their income over time.
Moneysmart research indicates many Australians lack confidence in their retirement planning with nearly half (48 per cent) aged 50 to 66 worried they will run out of money in retirement.
Nearly a third (32 per cent) feel they are already behind in preparing for retirement and only 18 per cent have a clear retirement plan in place and 58 per cent of pre-retirees want to learn more about superannuation and retirement.
ASIC said with around 2.5 million Australians expected to retire over the next decade, improving access to clear, independent guidance is critical to helping people make informed decisions.
Analysis of engagement with the Retirement planner also highlights how many Australians seem to be using the prospect of holidays as motivation to invest time into their planning.
Planner usage shows that holidays are the number one lifestyle goal that Australians are budgeting for in retirement, well ahead of buying a new car, home renovations, paying off debt, or other big-ticket expenses.
More than eight in 10 people who reached the lifestyle goals section of the retirement planner selected a holiday as a retirement goal, making it easily the most popular aspiration of those starting to think about retirement, followed by buying a new car (33 per cent), hobbies (19 per cent) and renovations (15 per cent).
One in 10 selected gifts as their retirement goal, with nine per cent looking to pay down debt. Just 13 per cent of users selected healthcare and seven per cent selected aged care.
The data, based on 23,000 user engagements, also highlights how retirement priorities shift by age and gender:
It found that young adults using the planner are already factoring enjoyment into their plans, with people aged 25–34 the most likely to prioritise holidays when thinking about retirement.
Younger users aged 18–24 are the most likely to focus on planning for their hobbies in retirement while people aged 55-64 are the most likely to be prioritising a new car in retirement, as well as home renovations and paying down debt.
Those aged 65 and over are the most likely to prioritise gifts. There are also some gender differences in the data. Women are more likely than men to prioritise holidays and gifts in retirement planning, while men are more likely to focus on a new car or paying down debt.
