Australians with over 20 years left in the workforce are twice as likely to expect a more luxurious standard of living in retirement than they have today, according to new research by Aware Super.

Over a quarter (27 per cent) of those who are one year out from retirement understand what they want their lifestyle to be and therefore have a specific number in mind for their income needs.

The research – gathered from almost 30,000 users of the fund’s personalised digital advice tool, My Retirement Planner – reflected that Australians should understand their circumstances so they can more realistically plan for the future.

While the confidence of many Australians about their financial futures is low, 38 per cent of Aware Super members scored 75-89 per cent, with the median confidence score of 77 per cent for the almost 30,000 users.