Those findings come from a survey commissioned by Colonial First State in June on over 1,000 respondents, and found nearly half (45%) of Australians are "scared" or do not feel financially confident about retiring.

However, most over the age of 55 are still confident they can retire as planned.

The findings coincide with the Productivity Commission reporting young people's incomes have fallen by 1.6% per year between 2008 and 2015, while those aged 35-64 had their incomes increase 1.6% per year.

Colonial First State general manager Kelly Power said the pandemic has created a huge "wake up call" for people in their prime working age.

“Younger Australians who still have time before retirement are feeling more anxious about retiring than their older counterparts because they’re still building up their savings pool while the reality of retirement costs start sinking in," she said.

Women also reported feeling more uneasy than men about retirement, with a third of women not feeling confident about retiring, as opposed to a quarter of men.

A third of women also reported not having an investment portfolio outside of super, as opposed to just 17% of men.

Ms Power said this gender gap was a "real issue".

"[It] sees women financially disadvantaged in retirement. It was an issue before the current crisis, and it will be an even bigger problem when we emerge from the recession," she said.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Hi Saver

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver

        001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Up Saver Account

          00$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Qsaver

            01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver

                3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Maxi Saver

                  01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Bonus Saver Account

                    4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Netsave Account

                      02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Growth Saver

                        400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Simple Saver

                          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Virgin Money Boost Saver

                            020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            HomeME Savings Account (<$100k)

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Online Savings - Premium Saver

                                0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                mySaver

                                  Important Information and Comparison Rate Warning

                                  All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 5, 2025. View disclaimer.

                                  Important Information and Comparison Rate Warning

                                  Building up a savings buffer

                                  In the survey, 34% also reported saving less than usual because of a loss in income or increase in bills, while half are planning to change their lifestyle financially after the pandemic.

                                  Women are more willing to reduce spending than men (53% vs 46%).

                                  Just over a quarter of Australians aged 35-29 reported checking their super balances more regularly during the pandemic.

                                  Colonial First State has urged workers to see what government support they might be eligible for, including the low-income super tax offset, in which the government pays up to $500 per year to offset tax on concessional super contributions.

                                  This payment happens automatically for those earning less than $37,000.

                                  Workers earning less than $52,697 making after-tax super contributions may also be eligible for a matching contribution from the government up to a maximum of $500.