Australians uncertain about funding retirement
A compilation of industry research into retirement points to a deep concern around financing life after work — but Australians are taking little action to solve the problem, according to MRD Partners director Nick Lockhart.
Referring to research from the Australian Superannuation Funds of Australia, HSBC, Sunsuper, Deloitte and REST Super, Lockhart said the majority of Australians appear to be in a state of ‘super panic' as their uncertain future closes in.
"And panic is the worst possible mindset to be in when making strategic plans for wealth creation. It prompts uninformed decisions, short-sighted reactions and short-term thinking," he said.
According to REST's January white paper, only one in seven Australians feel financially prepared for life after work and 70 per cent haven't sought any financial advice about their retirement. Another 35 per cent said they were ‘completely unprepared' for retirement.
"People saw the GFC wipe enormous value from retail super funds and learned — quite correctly — to be wary, but they're still not taking control of their future," he said.
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