Page 14 - 1. What Wealthy Means to Australians in 2023

7. A M P 2 0 2 2 W E L L N E S S R E P O R T Only 13 per cent of workers in
E A S I N G T H E P RE S S URE professional services reported
financial stress in 2022.”
In June 2022 AMP conducted its biennial (every 2 years) online
survey of 1,717 working Australians and a further 296 retirees to
canvass attitudes towards finances and money.

The previous survey conducted in June 2020 rates eroding the value of retirement
coincided with peak levels of pandemic savings. This is particularly a concern for
unemployment. women (45 per cent) and for pre-retirees
aged 50-59 years (50 per cent).
Issues associated with the skills shortage,
supply chain blockages, trade tensions and Early in the pandemic it was possible for
even rising interest rates surfaced between workers to draw down on part of their
the 2020 and 2022 surveys. super. And later in the pandemic, and
Perhaps unsurprisingly the proportion of especially across calendar 2022, share
single parent workers aged 30-44 reporting markets generally performed poorly.
being ‘severely or moderately financially
This has led to the rise of what the 2022
stressed’ jumped from 13 per cent in 2020 to
Wellness report term Fear of Running Out
25 per cent in 2022.
which refers to retirement savings. This
An interesting cross tabulation of the survey especially affects women, single parents,
results since 2016 shows the proportion of the already severely financially distressed
respondent workers reporting financial stress. and pre-retirees aged 60-plus. The 2022 Wellness report cites how much those with limited ability to remain in
Just over one-third of workers (36 per cent)
The pandemic has introduced additional respondents expect to retire with ($400k) and/or to work-on in the workforce, and
reported financial stress in 2022. This may be
factors creating financial stress. Within and what they think they will need to those with limited skills or access to
caused by supply chain issues.
this context it is likely that across the ($600k). In other words, many Australians the workforce.
On the other hand, only 13 per cent of mid-2020s middle Australia would believe they will require a 50 per cent Wealthy to many in the workforce, and
workers in professional services reported equate ‘wealthy’ with financial security increase in savings/superannuation to live in retirement, means having access
financial stress in 2022. which in most cases would include home a comfortable retirement. to sufficient funds to live a lifestyle
When it comes to retirees the 2022 survey ownership as well as a critical mass of This realisation would be most stressful commensurate with reasonable middle-
picked up concerns about the rising interest superannuation savings. to pre-retirees in their 50s and 60s, to Australia expectations.

amp.com.au What wealthy means to Australians in 2023 13