The latest survey in our Social Indicator Series, the Bankwest "Retiring in the Downturn" survey was conducted in April and May 2009 and surveyed 838 Australians either in or approaching retirement. The survey was conducted online by Brand Management.
The survey revealed that 73% or an estimated 2.9 million elderly residents have lost retirement income in the past two years.
The savage economic downturn means nearly one in five retirees and soon to be retired (16%) will be forced to accept a lower standard of living during their retirement years, while 13% will delay retirement to try and recoup wealth.
The report also showed that:
- 34% have had to tighten their belts and cut spending.
- 16% say they will be forced to accept a lower standard of living.
- 19% are considering "down sizing" (selling assets) to make ends meet.
- 28% will curtail or cancel their travel and recreational activities.
Download a copy of the full report and a breakdown on each state below:
