Fifty per cent of Australians to rely on super in retirement
The number of working Australians who say they will rely on superannuation as their main source of retirement income has dropped by almost 30 per cent, according to a survey commissioned by the Institute of Chartered Accountants Australia.
The survey showed 50 per cent of working Australians believe they will rely on superannuation as their main source of their retirement income, down from 79 per cent three years earlier.
The decline reflects the effect the economic downturn has had on Australian workers and their understanding of its impact on superannuation, said Institute of Chartered Accountants chief executive Graham Meyer.
Sixty five per cent of respondents also indicated that the 9 per cent compulsory super component alone would not provide enough savings for the average Australian worker in retirement.
Meyer claimed that further education is still required to help people understand the benefits of using their superannuation to save for retirement.
“Improving financial literacy skills is an ongoing issue that will assist many Australians to make better and more informed financial decisions about their future,” he said.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
