AMP has today launched The Retirement Institute, an initiative to tackle one of Australia’s most significant challenges: helping millions of older Australians navigate retirement with greater confidence, clarity and connection.
The move comes as the latest Intergenerational Report forecasts that Australians over the age of 65 will make up nearly one in four of the population within four decades – a demographic shift set to reshape the nation's economic and social landscape.
While superannuation balances are rising and home values are strong, research from AMP shows that, among Australians aged 50 and over:
3 in 4 find the retirement system complex and confusing
3 in 5 are more worried about having enough in retirement now than they were 10 years ago
2 in 5 are worried about outliving their wealth, while almost 1 in 5 don’t have a will.
9 in 10 expect to still be paying off a mortgage in retirement
4 in 5 don’t feel prepared for the transition to aged care
1 in 3 Australian adults are financially illiterate
Further, findings from the ABS show that average household debt for Australians aged 55–64 has risen to $250,000 – up from $156,000 just over a decade ago.
Ben Hillier, AMP Director of Retirement said:
“The growing disconnect between wealth on paper and confidence in practice is a major national issue. Australians are retiring with more assets than ever before, yet too many are hesitant to spend or enjoy their retirement. There’s confusion, anxiety about aged care and health needs, and emotional barriers linked to downsizing or using home equity.
“We also see emerging pressures – rising debt in later life, kids staying at home longer, and the need for social connection once the structure of work is gone. These are the real conversations we need to have.”
“This is about more than policy papers and super balances. It’s about ensuring older Australians – from all walks of life – can retire with purpose, with support, and without financial fear.
“With the right support and the foundations of a world-class and maturing super system, Australia can lead the world in retirement outcomes. But we need to start by listening to retirees, understanding the real barriers, and designing a system that works for life.”
Advisory Committee
The Retirement Institute will combine the latest insights, research and lived experience to drive change. It brings together some of the most respected experts in the industry – including AMP’s Chief Economist Dr Shane Oliver and AMP’s Director of Retirement Ben Hillier – through its Advisory Committee.
It will also include voices from the AMP Foundation and Citro, AMP’s community platform for over 50s, to ensure the work addresses the retirement challenges facing everyone in the Australian community, as well as recognising the vital role of purpose, connection and inclusion.
The Retirement Institute will publish regular insights, convene experts and community leaders, and champion practical reforms to improve outcomes for retirees – whether that’s simplifying the system, supporting downsizing, addressing aged care affordability or reducing financial exclusion.
About The Retirement Institute
The Retirement Institute (the Institute) was created to improve the confidence of Australian retirees and pre-retirees through research, education and support. The Institute serves as a dedicated platform for research, policy analysis, and discussions on retirement trends, emerging challenges, financial strategies and social issues.
About the findings
AMP commissioned Dynata in 2024 to conduct a survey of 2000 Australians aged 50 years and over and under 40 years in relation to their attitudes to retirement and intergenerational wealth transfer.