Retirement adequacy still a worry
Australians are worried about having insufficient funds for retirement, according to the inaugural MLC Australian Wealth Sentiment Survey.
Providing a 'pulse check' of how Australians are feeling about their wealth, the survey found Australians remain very cautious about the outlook for the economic environment.
A focus on deposits and paying off debt was shown to be a consistent theme, however, consumers' appetite for risk was also forecast to increase marginally over the coming months, with a growing desire to put more into property and shares.
Commenting on the survey's key findings, MLC said that when asked to rate their current concerns about risks in superannuation and investments on a scale of one to 10 (low to high concern), at an average 7.02, women were the most concerned about inadequate savings in retirement (compared to males at 6.74).
Similarly, females aged 50+ were the most concerned (at 7.21), compared to their male counterparts of the same age (6.22).
For Andrew Hagger, NAB Wealth Group executive and MLC chief executive officer, Australians' concerns about saving for their retirement were clear, particularly for women.
"With people living longer, having extended retirements and being much more active in their retirement, the harsh reality is most people won't have enough savings to fund their retirement," he said.
"For women this especially rings true, as women retire with 40 per cent less super than men because they take time out for children, are more likely to work part time and typically earn less than men.
"While it's not surprising to us that women are worried about funding their retirement, the survey is a timely reminder to women about how they can start to bridge the gap by adopting some key savings strategies."
Originally published by SMSF Essentials.
AUTHOR
Staff Writer
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