Still renting when you're a retiree could mean a miserable financial existence.
The Superannuation Funds Association says people who OWN their own home will need $640,000 in super to live comfortably, but people who rent will need $1.6 million due to the ongoing need to pay ever increasing rent.
Currently, men accumulate just $300K in super, while women have $180K.
Martin Fahy from the Superannuation Funds Association says everyone should be engaged with their super, from the time they start earning. "Think about the interplay between your family home, the other forms of wealth that you may've accumulated, and your aged pension. Try to understand how you put those together to give some sort of adequate or comfortable life in retirement."
1 in 12 Aussies currently rent their home, and Fahy admits super is not a sexy topic. "But if you think super is boring- try living today as temperatures soar into the thirties without air conditioning in retirement. Failure to engage with superannuation early on is going to mean people aren't going to have a dignified retirement. They may end up relying on family, children etc for their long term security and employment."