Women lag on forward financial planning
Australian women were more anxious about retirement income shortfall but gave less thought towards forward financial planning than men, the MLC Wealth Sentiment Survey found.
The survey found more women (53 per cent) were holding debt compared to men (45 per cent), but women were more determined to clear the debt in the next three months (35 per cent) compared to men (25 per cent).
NAB general manager client management, Lara Bourguignon said 37 per cent of women were ignoring potential future financial hurdles.
"This indicates that while anxieties around retirement planning dwell on the minds of Australians, women in particular are still unsure on how to effectively plan for the future," she said.
The survey of more than 2,000 people also found more than 50 per cent of respondents were worried their savings would not last their retirement.
Many respondents (31 per cent) expected to retire between 65 and 69 years, while six per cent expecting to retire after 75.
Investors from capital cities were more invested in superannuation, cash or term deposits, direct shares and investment property, with 63 per cent of those in capital cities holding superannuation compared to 44 per cent in rural regions.
Overall, 32 per cent of respondents believed they would have enough to retire on, up from 19 per cent a year ago, with NSW residents (37 per cent) most confident about their retirement future.
"We all have an idea of how we want to spend our retirement — that is why it is important to engage in superannuation and keep a short annual review in your plans," Bourguignon said.
"What your vision for retirement is changes as you age, and it is important that your superannuation and other assets are constantly reviewed to ensure alignment."
AUTHOR
Malavika Santhebennur
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
