Less than a third of people expect to get Government superannuation when they retire, but how they choose to save for themselves depends on their year of birth, a new report says.
The AMP SuperWatch, conducted by Colmar Brunton in February, surveyed 500 people and found only 31 per cent
were confident Government Super would be available for them on retirement.
However, when it came to saving for a rainy day, Generation X - born between 1961 and 1980 - were happier to take more risks than their Baby Boomer parents - born between 1941 and 1960.
High-risk investments, such as shares, were the choice of 28 per cent of Generation X but only 16 per cent of Baby Boomers, and the older generation preferred to play it safe, with more term deposits - 46 per cent compared with 30 per cent.
When it came to saving for retirement, paying off the mortgage was a more likely target for Generation X - 61 per cent versus 39 per cent.
Roger Perry, of AMP Financial Services, said this was consistent with the life stages of the two generations.
"However, these lifestyles also indicate that Gen X should take on riskier investments, as they have more time to reap the benefits of investing in riskier assets over the long term, whereas the opposite is true for Baby Boomers," Perry said.
The younger generation also appeared determined to get out of the rat race earlier, with 60 per cent expecting to retire aged no older than 60, but 54 per cent of the older generation expected not to retire before 65.
"What this means is that there are some real differences in the way Kiwis think about saving and their expectations for retirement which relate to their generational upbringing."
When asked what they were saving for, 69 per cent of Baby Boomers said retirement or superannuation, compared with 51 per cent of Generation X.
Optimists
* 31 per cent confident of getting Government Super.
* 83 per cent expect to have a debt-free home.
* 83 per cent expect enough funds for daily living.
* 72 per cent expect to enjoy holidays or travel.
