Young Aussies expect retirement 14 years later than planned

New research commissioned by investing platform Pearler has found young Australians expect to work almost 14 years longer than they would ideally like, highlighting a widening gap between retirement aspirations and financial reality.

The survey, conducted by Pureprofile, found young Australians would ideally retire at age 50 but expect to remain in the workforce until 64. Nearly nine in 10 respondents (87%) said they expected to work beyond their preferred retirement age.

More concerningly, more than one-third (36%) said they doubted they would ever be financially able to retire from paid work.

The findings suggest a growing sense of resignation among younger Australians grappling with housing costs, higher living expenses and uncertainty about their financial futures.

Almost four in 10 respondents (39%) expect to work until the age of 70 or beyond, or never retire at all. Meanwhile, more than one in four (28%) believe they will work for as long as they are physically capable.

The gap between expectation and reality adds up to almost 14 extra years on the job, or about 728 additional Monday mornings.

The great retirement divide

The survey points to a deeper shift than simple retirement anxiety.

Nearly half of respondents (48%) said they expect their retirement to be worse than their parents', while 17% agreed retirement feels like "something only older generations got".

That sentiment was strongest among Gen Z, who would ideally stop working at 47 but expect to retire much later. According to the research, the gap between Gen Z's ideal retirement age and the age they realistically expect to retire is 16 years, compared with 12 years for Millennials.

Speaking on the Savings Tip Jar podcast, Pearler co-founder Nick Nicolaides said many young Australians had lost confidence that retirement would be achievable on their own terms.

"Most young Aussies are on track to work decades longer than they want to, and a third don't think they'll ever stop," he said.

"That's not a retirement plan, that's a life sentence."

Retirement fears hit women hardest

The research also uncovered a significant gender divide.

Among young women surveyed, 43% said they doubted they would ever be able to retire, compared with 30% of men.

Women were also almost twice as likely as men to say they expected never to retire, with 16% holding that view compared with 9% of men.

Mr Nicolaides suggested longstanding workforce and pay disparities may be contributing factors.

"I would say if I had to bet, it does have to do with the fact that whether it's more time out of the workforce, or losing out on earnings earlier in careers due to pay discrepancies that may or may not be getting closer, maybe not fast enough," he said.

Retirement worries grow, action lags

Despite widespread concern about retirement prospects, the research suggests relatively few young Australians are taking steps beyond compulsory superannuation to build long-term wealth.

Only 33% said they were investing in shares or exchange-traded funds (ETFs) to prepare for retirement, while 17% said they were doing nothing at all.

Mr Nicolaides said many younger Australians had become overwhelmed by the constant stream of economic and financial concerns competing for their attention.

"People feel like they're working pretty hard, things are getting harder and I think there's so much noise out there whether it's gambling, advertising, cost of living this, RBA that," he said.

"I think people are just feeling a bit lost in all of this noise."

While Australia's compulsory superannuation system provides a foundation for retirement savings, Mr Nicolaides argued that financial confidence comes from understanding and engaging with money rather than simply relying on employer contributions.

"One fundamental thing to do is just learn something, read something, listen to this podcast," he said.

"Learn about compound interest. These are all things that anyone can do from their phone at any time."

The findings are based on a survey of 1,083 Australians aged 18 to 45 conducted by Pureprofile in October 2026.