Retirement funding a big headache for the young
One in every two Australians aged under 45 are worried about financing their retirements, according to a survey conducted by the Institute of Chartered Accountants Australia (ICAA).
The survey found that this concern meant that retirement and investing in super had become a high priority.
However, ICAA manager for financial planning and superannuation Hugh Elvy said that concern about retirement and superannuation was by no means universal and this represented a serious challenge.
“The challenge for the Government and the super industry is reaching those who are not concerned or not interested in investing in superannuation,” he said.
Elvy said the Institute’s research suggested that younger Australians who were not conscious of the importance of retirement savings were more likely to be less well off, in blue-collar jobs and with lower levels of education.
Elvy said that the survey suggested that while some younger working Australians might not be concerned about financing their retirement, it did not mean they were not thinking about it.
The survey had showed that over three-quarters of working people aged between 30 and 44 claimed to have given some thought and planning into their financial situation for retirement, even if only a little.
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