Hobbies, sound mental health, physical health and financial stability are the primary factors that improve overall wellbeing for retirees, research by Challenger has found.
The inaugural Retirement Happiness Index, done in collaboration with YouGov, conducted the study of over 1000 Australians over 60 years old to understand drivers behind retirement happiness.
Around two-thirds of Australians over 60 said they would be much happier if they didn’t have to worry about finances in retirement, while more than 70 per cent believe a guaranteed income in retirement would significantly boost happiness, with more than 40 per cent strongly agreeing.
Rising cost-of-living and affordability were growing concerns, with two-thirds of Australians over 60 saying whether they would have enough money impacted their retirement confidence.