“Fly business class because your kids won’t hesitate to.” It’s a line financial adviser Olivia Maragna says she finds herself frequently repeating because even her wealthy clients baulk at spending their retirement savings.

Taking the leap into retirement is challenging on many fronts but one of the big psychological shifts required is the switch from a savings mindset to a spending one, says Brisbane-based Maragna, the co-founder of Aspire Retire.