The MLC report also discovered only 3.5 per cent of Australians believe they will have more than enough money to maintain their lifestyles in retirement.
Seventy per cent of the 2,000 respondents surveyed also stated they had not prepared for major financial setbacks such as major illness or unemployment in their retirement years.
Only 8.5 per cent said they had established a detailed plan for these major setbacks.
Similar concerns were reflected in the MLC Quarterly Australian Wealth Sentiment Survey, which revealed deposits and paying off debt continue to be the top investment priorities.
The survey also found investor appetite for direct shares is growing, particularly among respondents earning $75,000 to $100,000 per annum.
According to the research, the three biggest barriers to adequate retirement savings are major health issues, loss of employment, and lack of formal investment planning.
Women are generally the most concerned about superannuation and consider inadequate funds for retirement, losing money, fees and inflation their biggest fears.
Over a third of the female respondents indicated they’ll have inadequate money at retirement.
Men were slightly more optimistic, with one third expecting to have sufficient or more than enough money at retirement.
Respondents from Queensland were the least concerned about major setbacks to their retirement plans, while Western Australian residents were the most concerned about retirement risk, especially in terms of missing investment opportunities.
They also have the strongest intention to allocate shares, bonds and balanced funds into superannuation.
NAB wealth group executive Andrew Hagger said while it is encouraging to see Australians thinking more about superannuation, there is still not enough being invested for retirement.
“Over 56 per cent of respondents still expect to have at least some shortfall during their retirement years,” said Mr Hagger.
Mr Hagger said Australians wanting to take control and get active in their retirement savings should seek financial advice to help achieve their retirement goals.
“Wealth is the result of hard work, good decisions and good advice, and MLC strongly believes in the difference advice can make to someone’s life,” he said.
