A new report from RaboDirect shows many Australians are at risk of retiring without enough money and are not financially prepared for the future. 

The 2017 Financial Health Barometer survey of 2300 Australians found 44 per cent believed they would run out of money in retirement and only 32 per cent make voluntary contributions to their superannuation.

The super “gap” between what people expect to retire with and what they’ll need has grown from $268,502 to $353,125 in 2017. 

MIA financial planner Michael Fletcher said if a person wasn’t proactive with their superannuation early on, it could leave them in a predicament later on. 

“You can never be too proactive when it comes to saving and investing for your retirement,” he said. 

“Contributing to super earlier in life is definitely one way of doing this, but it is certainly not the only strategy that should be considered. 

“I think it is important all Australians seek advice about how best to fund their retirement much earlier than they currently do.”

According to the survey, one in five Australians were counting on an inheritance to get them through retirement. 

For those wanting to contribute to their own superannuation, even a small amount can make a difference. 

Those contributing $20 through salary sacrifice over 45 years could result in an $175,000 extra for their retirement. 

The super gap between men and women also remains, with females expecting to have $200,000 less to their name at retirement compared to their male counterparts. 

Mr Fletcher said it was important to seek advice early on before nearing retirement age. 

“Everyone’s financial circumstances are different … different strategies such as debt reduction may be more appropriate (compared to contributing more to super early on),” he said.