Financial Preparedness of Older Australians for their Retirement Assignment 2022

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Assignment [Enter Assignment number]
Financial Preparedness of Older Australians for their
Retirement

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Table of Contents
Introduction........................................................................................................... 3
Methods................................................................................................................. 3
Results................................................................................................................... 4
Task 1................................................................................................................. 4
Task 2................................................................................................................. 4
Task 3................................................................................................................. 5
Task 4................................................................................................................. 5
Task 5................................................................................................................. 6
Conclusion............................................................................................................. 7
References............................................................................................................. 8

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Introduction
Decisions such as the allocation of funds to pension portfolios, the valuation of mortgage
products and/or post retirement earnings require thorough preplanning (Wijeratne, Earl,
Peisah, Luscombe, & Tibbertsma, 2017). This research scrutinizes the preparedness of
Australian people for retirement planning using a descriptive analysis that includes
exploration of questions collected from a tailored survey to an illustrative sample of 1,525
Australians.
The primary objective of the study was to assess people from primary source of income after
retirement, number of low income group people (annual income ≤ $100,000) with high
mortgage, and comfort with retirement plans. These three factors are expected to define the
financial knowledge and awareness of people for the retirement expenses.
Methods
The survey data was retrieved from data.gov.au, and was specifically modified for this
research. The present sample contains response from 1,525 Australians (60 years or older),
which was representative of Australia’s general older and retired population.
MS Excel has been used for statistical analysis. The study decisions are based on exploratory
data analysis and graphical representation. Also, an independent sample t-test has been
performed to evaluate the difference between the two genders regarding their comfort with
retirement planning (Kim, 2015). Significance level of 1% has been used for the inferential
analysis.