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

Right to Repair Push Could Change the Farm Machinery Cost Equation

01 Jul 2026: Paige Estritori

Australia’s proposed expansion of right to repair laws to agricultural machinery is shaping as a timely development for farmers managing high input costs, narrow seasonal windows and the growing complexity of modern equipment. The Federal Government opened consultation on 22 May 2026, with feedback due by 3 July 2026, on whether repair information access should be broadened for machinery used across farming operations. - read more

Could Melbourne’s Softer Market Help First Home Buyers?

01 Jul 2026: Paige Estritori

Melbourne may be moving into a rare window for first home buyers, with Domain’s latest forecast suggesting the city’s median house price could fall below $1 million within the next year. The report points to a possible decline of between 4 and 8 per cent, which would make Melbourne the weakest major capital in the forecast period and mark a notable shift from the rapid price growth seen in many other parts of Australia. - read more

What the New Insurance Code Could Mean for Riders

30 Jun 2026: Paige Estritori

Australia’s general insurance sector is moving towards a significant consumer-protection update, with the Insurance Council of Australia expecting a two-year transition for its redrafted General Insurance Code of Practice. The draft code, released for public feedback in late June 2026, is designed to become enforceable through insurance contracts once it clears the required approval steps. - read more

What the RBA’s New Policy Toolkit Means for Borrowers

30 Jun 2026: Paige Estritori

The Reserve Bank of Australia has released a new framework explaining how it would approach additional monetary policy tools if the cash rate were again pushed close to zero and the economy still needed support. While that may sound distant from today’s lending market, the document matters for borrowers because it clarifies how the central bank thinks about future credit conditions, lender funding costs and the transmission of lower rates through the economy. - read more

Grand G980 Arrival Highlights Premium RIB Demand

30 Jun 2026: Paige Estritori

Grand Boats Australia’s Southern Hemisphere debut of the Grand G980 adds another notable option to the premium recreational boating market. The 10-metre rigid inflatable boat is positioned as a flagship adventure RIB, combining high-performance offshore capability with the kind of comfort features usually associated with larger cruisers. For Australian buyers, it is another sign that the local market remains interested in versatile boats that can handle family days, coastal exploring and overnight escapes. - read more

Click for more Finance News