With about 2.5 million Australians set to retire in the next decade, 48% of people surveyed aged 50 to 66 said they were worried about outliving their savings, the Australian Securities and Investments Commission research found. Only a third said they were confident of being financially comfortable in retirement.

While Australia’s A$4.5 trillion (US$3.2 trillion) pension industry ranks among the top global retirement systems, surveys repeatedly show Australians are deeply anxious about their finances once they stop working. The industry has been under pressure from the regulator to provide more options for people when they begin drawing down on their pension savings.

Some 46% of people reported having low financial literacy and low confidence managing their retirement finances, ASIC said, when launching a suite of new online tools to help such people.

For a third straight year, the rising cost of living continues to be the biggest concern for Australians over the age of 60, separate research from annuities provider and investment manager Challenger released Monday. Still, it found Australians over 60 remain largely positive about retirement.

A growing number of Australians are working well into their 70s, as flexible work options for white collar employees enables people were able to stay in the workforce longer.