Travel takes the throne as top retirement priority new research finds

• More than two-thirds (71%) of Australians would prioritise spending retirement savings on travel according to a new survey
• Health concerns ranked as the second most significant priority (56%), with spending on hobbies and interests ranking third (55%)
• Self-improvement and recreational activities also rank in the top retirement priorities for Australians

A staggering 71% of Australians are prioritising spending their retirement savings on travel according to a new survey from leading super fund Equip Super.

Spending on health was ranked as the second most significant priority in retirement, with just over half (56%) of Australians surveyed stating that it was important to them, followed by spending on hobbies and interests (54%) to complete the top three.

Sam Higgie, Equip Super’s Head of Retirement, said that the results highlighted Australians’ aspirations for their retirement. “It might feel like no surprise that Australians want to focus on travel in their golden years, but this is a turnaround from two years ago when retiree appetite for travel remained low, despite the end of lockdowns and being able to travel again freely.

“This trend underscores a desire for adventure and exploration in retirement; we are finding more and more members see retirement as an opportunity for new experiences and pursuing passions.”

“So the results of this survey show a mind-set shift towards an increasing focus on self-fulfilment in retirement. This underlines the importance of having retirement goals and planning to achieve them.”

The survey also revealed that Australians are increasingly focusing on activities and expenses that improve their own quality of life in retirement. Self-improvement and recreation feature as retirement priorities, with travel, health, hobbies, dining out, entertaining, and socialising taking primacy.

Although, aside from health, indulging themselves through travel and other interests was the primary priority for most of those surveyed, a minority were more altruistic, with more than a quarter of respondents nominating to help other family members, and one in ten stating they intend to donate to charities.

Mr Higgie continues, “At Equip Super, we're proud to work alongside our members to help them realise their individual dreams. Retirement is not just about financial security but also about enabling individuals to focus on the experiences they value with confidence and peace of mind. As such, our new Retirement Centre team is trained to have holistic conversations with members, answering the big retirement questions many of which have little to do with money."

Sharyn and Tim Nilsen are an Australian couple who, after deciding to quit their jobs and take early retirement, have been permanently travelling the world since 2010. Amongst their many adventures, the couple has cycled from the Arctic Circle to Budapest, crewed on a yacht around the Caribbean for four months, driven across Africa in overland trucks, and are currently gearing up for their fourth self-supported cycle tour in Europe. “So far, we've explored over 140 countries and territories and have no plans to stop any time soon,” says Sharyn.

The couple fund their travels through various passive income streams, including rental income from their property in Australia, as well as turning their passion for travel into a business, ‘Catch our Travel Bug’. Asked if they will use their super to fund further travels, Sharyn added: “I see super as an important part of the pot and we will use it if needed to keep travelling. If COVID taught us anything, it’s that things can change in a minute. That adventure you planned two years down the track may no longer be possible, whether it’s because of a pandemic, geopolitics or a natural disaster. If you want to do something, do it now. You might not be able to in a week, a month, or in six months time.”

Asked what advice she would give to someone in retirement, contemplating exploring the world, Sharyn said: “Plan well. Ensure you have the infrastructure set up to support you, whether it’s a solicitor, power of attorney, an accountant or a financial adviser - set up that structure to give you the flexibility to be able to do what you want.” As for what’s next, “We’ll finish our cycle tour in Europe around October, and then we’ll head south for the winter via parts of Northern Africa and the Middle East we've yet to visit.”

Equip Super’s survey questioned more than 2,000 Australians, randomly selected across the nation.