She is part of a growing segment of Australians concerned about the cost of retirement, with new research indicating it’s becoming more costly.

Sinta Velasco said she is budgeting carefully to save for retirement while caring for her ageing parents. Source: SBS News / Cameron Carr

The cost of a comfortable retirement is on the rise

Analysis from AMP has uncovered that some groups are more vulnerable than others when it comes to feeling financially confident.

“Only two out of five women feel confident about retiring, compared to three out of five men. More worrisome are those single females, especially those with children, who exhibit the lowest confidence levels among all Australians.”

“And of course that’s going to translate into not being able to focus on the future and consequently having lower levels of confidence.”

‘Sandwich generation’ the least confident about retirement

While her husband is out of work, her single income is stretched supporting their children as well as the couple’s parents.

Source: SBS News / Leon Wang

“We look at, for example, how we can cut down on some subscriptions,” she said.

“I feel like if I’m stuck, I could ask professionals like financial advisors, ‘these are my concerns, what do you think I should focus on?'”

Which Australians are confident about their retirement?

Single mothers are among those least confident about retirement, with less than 20 percent of single women with children in their 40s feeling financially prepared.