A significant number of Australians are entering retirement burdened with mortgage debt, highlighting a growing concern about the nation’s financial well-being. According to Alexandar Hassall, co-founder and CEO of Your Financial Wellness, around one-third of Australians reaching retirement age, particularly those around 60, are still grappling with mortgage payments. This alarming statistic was revealed during a Senate Economics References Committee hearing, which focused on the effectiveness of superannuation and housing in ensuring a secure retirement for Australians. The committee also heard from experts on issues related to financial literacy, housing affordability, and delays in insurance claims. Experts emphasized the importance of addressing housing affordability by increasing supply to meet demand, noting that superannuation funds alone cannot solve the problem. Furthermore, concerns were raised about the need for improved financial literacy among Australians, with statistics revealing that a significant percentage lack understanding of inflation’s impact on their savings and investment diversification. The hearing underscored the need for a comprehensive approach to retirement planning, encompassing affordable housing, adequate financial literacy programs, and improved processes for insurance claims.