Suite 8 / 260 Auburn Road, Hawthorn 3122
Phone: 03 9214 4100
Fax: 03 9818 6008
enquiries@trumpetfinancial.com.au
 
 
eWombat Search
 
Hot Issues
Assess your retirement financial resources
Cryptocurrency audits tipped to increase this EOFY
Time to check your risk exposure?
Some general interest stats on SMSFs
Survey reveals strong opposition to retirement system changes
Check trust deed to protect super in estate planning
Australia by numbers – Update
Federal Budget 2018 – Overview
Your Budget
4 components of our 2018 Federal Budget
Tools to help you manage your financial position are available on our site.
New rules capture SMSFs trading big with cryptocurrency
Common EOFY slip-ups flagged for SMSFs
Beware residency rules if moving overseas
99 pct of SMSFs missing global opportunities
How to plan for a better retirement
Australia by numbers - Update
Determine your retirement goals
ATO issues update on cryptocurrency compliance traps
How likely is a global trade war?
Gig economy spike prompts calls for super policy changes
Australia's vital statistics
What your age should say about your super
Downsizing requires holistic tax planning
Millions of multiple super accounts erode savings
Why your retirement intentions are critical
Plans for study into elder abuse
Our website is really our digital office.
Articles archive
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Adequacy of savings still a concern among Australians

The latest research into superannuation showed a significant proportion of Australians were still concerned about having enough money saved to fund their retirement.



       


 


The “RaboDirect Financial Health Barometer 2017 Super & Retirement Report” found 44 per cent of Australians did not believe they had enough money to fund their retirement.


Despite this concern, only 32 per cent of respondents said they were making voluntary contributions to their superannuation account.


“There’s definitely a head in the sand syndrome with people in terms of their approach to superannuation,” RaboDirect head Bede Cronin said.


Cronin pointed out 31 per cent of people were making voluntary contributions when the survey was performed in 2013, “so we haven’t seen a progressive increase in people making voluntary contributions yet”.


Another alarming statistic the report highlighted was a growing gap between the amount of money people expected to need in retirement versus their actual required living costs. 


This gap stood at $268,502 in 2014 and increased to $353,125 in the 2017 report.


Further, the research showed 18 per cent of respondents were relying on an inheritance for their retirement savings plan.


“That’s a bit of a call out for me particularly when we start to see people’s expectations of what they think they need in retirement are actually far below what actually independent research suggests is what you’ll need for a comfortable retirement,” Cronin said.


“So there is already a disconnect there from what people think they’re going to have and what they actually will need, and this trend of people saying ‘well, I can just not even worry about it because I’m going to get an inheritance’ is slightly concerning.”


Based on the findings, he said RaboDirect advocated for individuals to start to take an interest in their superannuation and understand the changes to the system to be implemented on 1 July, which were likely to have both positive and negative effects. 


The report findings were based on a survey of 2300 Australians aged between 18 and 65.


 


By Darin Tyson-Chan
15 Jun 2017
www.financialobserver.com.au




3rd-July-2017
Trumpet Financial Pty Ltd ABN 11 443 516 384 Corporate Authorised Representative (No 327756) of Aon Hewitt Financial Advice Limited AFSL 239183 ABN 13 091 225 642
Registered Address: Level 33  201 Kent Street, Sydney NSW 2000 | Sitemap | Disclaimer | Privacy Policy | About Aon Hewitt Positioning