Financial Guidance Boosting Retirement Security

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The report, anchored in the noteworthy findings from the Challenger Retirement Happiness Index, indicates that Australians who haven't benefitted from professional financial guidance are 39% more likely to feel the pinch of living expenses than the 25% who have been counselled financially.

Insights into the behavior of Australians entering or navigating retirement underscored a common thread - the acknowledgment of the link between financial awareness and contentment. Here's what the research delineated:

• Close to half of Australians over 60 have consulted a financial adviser at some point.
• Seventeen percent are actively seeking advice, while approximately one-third have done so in the past.
• Individuals who proceed without counsel are 40%, significantly more prone than the 26% who've been advised, to believe that rising living costs will undermine their retirement savings.
• The demographic split reveals married individuals over 60 engaging more with professional advisory services (20%) in comparison to singles (12%).

Delving into the geographic spread of financial consultancy, disparities emerge among residents of different states:

1. Residents of NSW, Victoria, and South Australia surpass their neighbours in Western Australia in financial advice seeking - with 19%, 17%, and 27% respectively, engaging advisors, in stark contrast to WA's 8%.
2. Moreover, Queenslanders and Western Australians are more inclined towards financial self-sufficiency or non-engagement, with 29% and 31% respectively, neither having sought nor planning to seek financial advice, compared with Victoria's mere 19%.

A convening of over 1000 Australians over the age of 60 allowed Challenger, in collaboration with the independent research entity YouGov, to unravel the factors influencing retirement satisfaction.

Mandy Mannix, Challenger's Customer Experience Chief Executive, reacted to these findings by drawing attention to a poignant fact - almost half of the survey participants desired greater budgetary safekeeping. This sentiment resonates with the industry's commitment to elevating retirees' later years through enhanced happiness and security.

Published:Monday, 8th Apr 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Clear

Isuzu Australia Enhances Customer Support with New Financial Services

06 Apr 2026: Paige Estritori

In a strategic move to bolster its customer support offerings, Isuzu Australia Limited (IAL) has announced the establishment of Isuzu Financial Services Australia (IFSA). This initiative marks the first time the Isuzu Group has founded a leasing company outside Japan, reflecting a significant commitment to the Australian market. - read more

Zenobē's $100 Million Investment to Accelerate Electric Truck Adoption in Australia

05 Apr 2026: Paige Estritori

Zenobē, a global leader in fleet electrification and battery storage, has announced a substantial investment of AUD $100 million to support the adoption of electric trucks in Australia. This initiative is poised to significantly impact the nation's transport sector by potentially doubling the number of heavy electric trucks on Australian roads by the end of 2026. - read more

Rising Fuel Prices Spark Increased Interest in Electric Vehicles Across Australia

05 Apr 2026: Paige Estritori

As fuel prices continue to soar across Australia, a significant shift is occurring in the automotive market. Consumers are increasingly turning their attention to electric vehicles (EVs) as a cost-effective and sustainable alternative to traditional petrol and diesel cars. - read more

GWM's 1.99% Finance Offer Aims to Accelerate Electric Vehicle Adoption in Australia

05 Apr 2026: Paige Estritori

Great Wall Motors (GWM) has launched a compelling finance campaign to encourage the adoption of new energy vehicles in Australia. The initiative offers a 1.99% comparison rate on its Ora electric vehicle (EV) range and Haval H6 plug-in hybrid electric vehicle (PHEV) models, running from 1 September to 31 December 2025. - read more

Applied Electric Vehicles Secures $58 Million to Scale Autonomous EV Production

05 Apr 2026: Paige Estritori

Melbourne-based Applied Electric Vehicles (Applied EV) has successfully secured a significant funding boost to advance the production and deployment of its autonomous electric vehicles. The company closed a Series B funding round, raising approximately A$58 million, with a substantial contribution of $30.7 million from the Australian Government's National Reconstruction Fund Corporation (NRFC). This marks the NRFC's inaugural investment in the transport sector, underscoring a commitment to fostering local manufacturing and technological innovation. - read more

Click for more Finance News