Most Australians say saving for retirement is top goal

BRISBANE - The dream holiday may be on the agenda but when most Australians put money away they're thinking about retirement, a new survey said today.

The survey by BankWest found 37 per cent of Australians between 18 and 64 said their main saving priority was for retirement, while 36 per cent dreamed of cracking open the piggy bank for a holiday.

It found 35 per cent were saving up in case of an emergency, 30 per cent to buy a house or unit and 23 per cent to pay education fees.

Men ranked retirement as the most important thing to save for followed by a holiday and an emergency or unexpected event.

But women had different priorities with most saving up for a holiday followed by an emergency and then retirement.

Saving for retirement ranked fourth for the 25 to 34 age group and top for 35-49 and those over 50.

Even one in eight of 18 to 24 year olds plumped for retirement as a major saving focus.

Dave Hunt, Head of BankWest Direct, said the message about saving for retirement was being heard.

"While its not surprising a majority of workers aged over 50 say they are saving for retirement ... results for the younger demographics show the message about being prepared must be getting through," he said.

The survey found paying for a wedding is on the agenda for about six per cent of Australians, with that number doubling for the 25-34 year age group.

It found workers in regional and rural Australia were around twice as likely to be saving for their wedding as those living in the five main capital cities.

The survey also revealed the size of household bills, followed by mortgage or rent costs were identified as the main obstacles that stop Australians from increasing their savings plans.

More than one in ten Australian workers said they felt unmotivated to save, and a similar proportion also said they were not sure where or how to save their money.

- AAP