Financial Guidance Boosting Retirement Security

1

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
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

Isuzu Australia Introduces Dedicated Financial Services for Truck Buyers

23 Dec 2025: 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

Geely's Farizon Electric Trucks Make Australian Debut

23 Dec 2025: Paige Estritori

Chinese automotive giant Geely Auto has announced its entry into the Australian light commercial vehicle market through its Farizon brand, specialising in electric commercial vehicles. This move signifies a notable expansion of electric vehicle (EV) offerings in Australia's commercial sector. - read more

CEFC and Volvo Group Collaborate to Accelerate Electric Truck Adoption in Australia

23 Dec 2025: Paige Estritori

The Clean Energy Finance Corporation (CEFC) has partnered with Volvo Group to introduce a $70 million financing package aimed at accelerating the adoption of heavy-duty battery electric trucks (HD BEVs) in Australia. This initiative seeks to address the substantial transport-related emissions by facilitating the transition to cleaner vehicle technologies. - read more

Introducing Marinex Underwriting: A New Era in Australian Marine Insurance

21 Dec 2025: Paige Estritori

Australia's marine insurance landscape has welcomed a significant new player with the launch of Marinex Underwriting. This specialised marine underwriting agency aims to address the complex insurance needs of the Australian marine sector, offering tailored solutions backed by global specialty insurance distributor Amwins. - read more

GT Insurance: Navigating Trade Challenges with Flexible Marine Insurance Solutions

21 Dec 2025: Paige Estritori

In response to recent shifts in global trade dynamics, GT Insurance is reaffirming its commitment to supporting Australian marine clients navigating these challenges. The imposition of US tariffs-25% on Australian steel and aluminium, and 10% on other exported goods-has introduced new uncertainties for local exporters, particularly in sectors like beef and bulk freight. These tariffs, effective from April 5, 2025, have prompted concerns about declining export volumes and reduced freight margins. - read more

Click for more Finance News