A new survey reveals that only 51% of adult Australians have sought information about retirement planning, highlighting a concerning lack of engagement with this crucial aspect of life. The author emphasizes the need to improve education and access to affordable, trustworthy financial advice.
New research from the Association of Superannuation Funds of Australia this week shows that just 51 per cent of adult Australia ns – including around 60 per cent of those over 65 – have sought out any information on preparing for retirement. It’s a number that makes me a bit mad.
Most people don’t really start thinking about how much money they’ll need in retirement until it’s right around the corner. Most advisers prefer ongoing clients, and they charge between $4000 and $12,000 per year, on average. That kind of cost puts independent advice out of reach for most Australians with super balances in the $200,000 to $300,000 range.
This lack of knowledge can lead to fear and avoidance, as people feel overwhelmed by the complexity of financial and life planning. What we need is high-quality, trustworthy education that helps people feel confident and in control of their future. What’s critical here is that this education comes from sources that people trust. Super funds, financial institutions, and independent advisers all have a role to play in delivering transparent, unbiased information that empowers Australians to make informed choices.
For people to feel comfortable accessing advice, transparency is crucial – they need to see that their best interests come first. Whether that advice comes from an independent adviser, a super fund, or even an online platform, Australians need to trust that the guidance they’re getting is unbiased and reliable.
Retirement Planning Superannuation Financial Advice Australia
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