Super will fund retirement: majority believe

5 April 2016
| By Nicholas |
image
image
expand image

Research showing a decline in the number of Australians who believe they will need Government support to fund their retirements reflects the success of the superannuation system, MLC chief executive, Andrew Hagger says.

Data from the IPSOS/MLC Australia Today — part two — A look at lifestyle, financial security, and retirement in Australia, white paper, found that 43 per cent of Australians said they anticipated needing the Age Pension to supplement their retirement savings — down from 53 per cent of current retirees.

MLC chief executive, Andrew Hagger, said the research showed that Australians' increased confidence in their ability to fund their own retirements without seeking Government support reflected positively on the superannuation system.

‘'This trend demonstrates the potential of our superannuation system — to increase self-sufficiency in retirement — and it seems this is being realised by individuals, which can only be a positive for Australia," he said.

"That is why it is more critical than ever that the objectives of super are enshrined in law as swiftly as possible to avoid constant political tinkering and provide stability and certainly to all Australians."

The research found that Australians in their mid to late 20s were the most confident of being able to support their retirements, with two-thirds believing they would not have to seek Government support, MLC executive general manager, wealth advice, Greg Miller, said.

"The research unveiled [that] those with financial professionals — like a financial adviser — are consistently more likely to be confident about financial matters, spending, and financial planning for the future," he said.

"These insights should drive advisers to stay ahead of the curve, embrace the opportunity and skill up on what may have previously been seen as non-traditional advice services, such as personal and business succession planning, which can enable customers to pass on their wealth according to their wishes."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

1 hour ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

1 hour ago

Sharemarkets might have been rallying on the back of central banks’ progress in the inflation fight, if not for Donald Trump’s escalating trade tensions and renewed attac...

1 day 1 hour ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND