New research released by ANZ today revealed that the top things ‘Baby Boomers’1 want to do during their retirement are to travel around Australia (92 per cent)2 followed by spending more time on hobbies or playing sports (83 per cent).
However, ANZ’s “New Retirement” survey found almost half of Australians aged between 45 and 64 do not feel confident they have adequate funds to do what they want in retirement (49%). Only 24 per cent are extremely or very confident about their finances.
ANZ Managing Director, Retail Distribution, Louis Hawke said this lack of confidence and the changing nature of retirement prompted the bank to introduce a Retirement Banking Specialist at every branch across its Australian network.
“With the first of the baby boomer generation turning 65 next year, thousands of Australians are set to retire and less so in a ‘traditional’ way. The ‘new’ retirement is based around lifestyle, and includes an even greater range of things from travelling, spending time on hobbies, volunteering and caring for grandchildren,” Mr Hawke said.
“However, many do not feel prepared for the reality of financing their retirement - which for the average Australian is more than 20 years.”
Mr Hawke said ANZ was the only bank in Australia to provide this specialist service. Retirement Banking Specialists provide a complimentary review and tailored everyday banking solutions to ensure people’s banking and finances meet their changing needs, in the lead up to and during retirement.