POWERED BY MOMENTUM MEDIA
New index shows low retirement confidence
Qantas Super’s CSBA Retirement Confidence Index, which launched today, has reinforced sentiment that Australians are nervous about retirement income, finding that 63 per cent don’t feel confident that they will be able to retire comfortably.
The RCI, which questioned more than 1,000 Australian pre-retirees and retirees, revealed that 29 per cent of pre-retirees did not think they could do anything to improve their retirement income situation either.
Fifty-five per cent of those surveyed blamed external factors beyond their control, such as the cost of living, government regulations and the Australian and global economies, for this.
Qantas Super chief executive, Michael Clancy, said that this showed that more knowledge around the money needed for retirement was necessary, with just 43 per cent of Australians saying they knew how much money they would need.
“These results speak to a strong need to improve the financial literacy and capability of the Australian population, so they are equipped with the knowledge to improve their situation,” he said.
“In particular, taking action during early life stages will help combat this crisis of confidence and better prepare Australians for their retirement, while reducing the economic burden on the country in the future.”
Clancy suggested that a practical way to help improve confidence is to try to prioritise saving more now, saying that “just contributing a little bit each month to your super account … can make a difference.”
Recommended for you
Speaking to Super Review, the $70 billion fund has unveiled its new solution to address the ‘cognitive load’ of retirement as members enter their golden years.
New research has suggested it’s time to reconsider the home as a fourth pillar of the retirement income system, alongside the age pension, superannuation, and voluntary private savings.
New research has revealed over 60 per cent of retirees believe their super fund offers retirement income products suitable to support their retirement lifestyle.
Some retirees are “needlessly” paying two sets of fees and often more tax than they need to, according to the industry body.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
