In the study, 50 per cent of Australian respondents said self-doubt was the reason for falling short on wealth goals, while 32 per cent said not earning enough money was the problem. These two factors were nominated by respondents as more significant than being scared of risk or spending more than they earn.

Closely tied to the lagging confidence of Australians is the number of people who do not have a plan to save and invest, the research showed.

Just one in four respondents reported having a financial plan.

“With so few people having a financial plan, we perhaps shouldn’t be surprised that Australians doubt themselves and don’t believe they have done enough to reach their wealth goals,” NAB general manager, corporate super, Lara Bourguignon, said.

The survey also asked Australians to define ‘wealth’. On average, 33 per cent said they defined wealth as income, 29 per cent defined it as lifestyle wealth and 24 per cent said net worth.

The most important aspects of lifestyle wealth were being debt free, having enough money for emergencies and being able to fund desired lifestyles, the survey revealed.

On average, respondents estimated they would need approximately $818,000 in savings and investments in order to retire, however they expect to retire on just $557,000 (excluding home equity).