Retirement dreams a mismatch with savings reality

Ordinary Australians have unrealistic expectations about the lifestyle they will be able to afford in retirement, and are reluctant to seek out the professional advice they need to help make up some of the shortfall.

"The industry's reputation has taken a battering in the press in recent times deterring some people from seeking out advice, but the evidence clearly shows that most people who have actually received advice find it very worthwhile," State Street head of portfolio strategy Asia Pacific Jonathan Shead said.