More than half (59 per cent) of Australians said inflation has changed the way they think about retirement in the past 12 months, with 54 per cent opting for a more conservative investment approach, according to the 2023 MFS Global Defined Contribution Survey. 

It found that the vast majority (74 per cent) said they would now need to save more than they previously planned, 61 per cent said they would need to work for longer and 40 per cent no longer see themselves as retiring at all. 

The survey, which interviewed 1,000 Australian superannuants as a part of the global study, found that only 26 per cent of local respondents were confident about retiring at the time of their choosing. The age Australians expect to retire, 66 years, remains unchanged.