Young Aussies workers going grey over finances

While retired Australians are becoming more relaxed about their finances and using the internet frequently, young Aussies are becoming increasingly concerned about their future.

According to an AXA insurance group survey there appears to be a reversal of traditional age concerns which found that young workers were anxious about their future, saving hard, and planning earlier for a successful retirement lifestyle.

In contrast retired Australians are more complacent about their income, are spending longer hours on the internet, and have more time available to play sports.

Behavioural scientist Dr. Stephen Juan said that young Australians were “gripped by a crisis of rising expectations. The promise was that machines would do the drudge work. Instead people are working harder to pay for their machines”.

The survey showed that Australians were top of an international list where they believed that individuals were responsible for funding their retirement. The average working Australian, according to the poll done by Roy Morgan Research last year, saved $652 a month towards retirement, second only to average US savings.