More than 160,000 Australians have used ASIC’s Moneysmart Retirement planner in just six months, highlighting strong demand for trusted guidance as many approach retirement with uncertainty about their financial future.

Data shows that 162,339 unique users accessed the Moneysmart Retirement 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 shows many Australians lack confidence in their retirement planning:

• 48% of Australians (aged 50 to 66) are worried they will run out of money in retirement
• nearly a third (32%) feel they are already behind in preparing for retirement
• only 18% have a clear retirement plan in place
• 58% or pre-retirees want to learn more about superannuation and retirement.

The strong uptake of the Moneysmart Retirement planner shows many Australians are actively seeking support to move from uncertainty to action and highlights the importance of accessible, trusted tools in helping people better understand their financial future.

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.  

Retirement goals

Analysis of engagement with the Moneysmart 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 ten people (85%) 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%), hobbies (19%) and renovations (15%). One in ten (10%) selected gifts as their retirement goal, with 9% looking to pay down debt. Just 13% of users selected healthcare and 7% selected aged care.

The data, based on 23,000 user engagements, also highlights how retirement priorities shift by age and gender:

• 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
• even younger users aged 18–24 are the most likely to focus on planning for their hobbies in retirement
• 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.

The Moneysmart Retirement planner draws together complex information in plain English, helping people understand their position and make informed decisions about retirement, whether they are decades away or already preparing to stop work. Content is also available in Arabic, Mandarin, Cantonese and Vietnamese.