Financial Guidance Boosting Retirement Security

1

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

Share this news item:

Finance News

Clear

Australian Fund Managers Brace for Impacts of US Tariff Policy 22 Apr 2025: Paige Estritori The imposition of US tariffs under former President Donald Trump's administration is predicted to challenge Australia's publicly listed fund managers, according to analysis by research and ratings firm Morningstar. Shaun Ler, an equity analyst with Morningstar, suggests that these financial entities might experience a gradual decline in earnings over the medium term due to reduced cyclical benefits from interest rate cuts and increased market volatility. - read more

Sydney's Housing Market Reaches Record $2 Million 17 Apr 2025: Paige Estritori In a landmark moment for Sydney's real estate market, the city’s median asking price for houses has surpassed the $2 million mark, hitting $2,012,000 as of 15 April, according to SQM Research. This figure includes Greater Sydney regions such as the Blue Mountains and Central Coast. The development was confirmed by SQM's managing director, Louis Christopher. - read more

Institutional Investors Maintain Course Amid Escalating Geopolitical Risks 17 Apr 2025: Paige Estritori Institutional investors across the globe are largely standing firm despite acknowledging the rising geopolitical risks impacting their portfolios. Recent research by investment consultancy firm Bfinance, involving over 160 institutional investors worldwide, reveals that most entities have not adjusted their strategic investments amidst the current economic turbulence driven by trade conflicts. - read more

Acadian Launches Diversified Emerging Markets Equity Fund for Australian Investors 16 Apr 2025: Paige Estritori Acadian Asset Management, renowned for its quantitative investment strategies, has introduced a new emerging markets equity fund targeting Australian wholesale investors. This fund is meticulously crafted to balance risk without compromising on long-term returns. - read more

Bank of Queensland Warns of Rising Bad Loans Amid Economic Uncertainty 16 Apr 2025: Paige Estritori The Bank of Queensland, a prominent mid-tier lender, has issued a cautionary note about an anticipated rise in bad loans due to ongoing economic uncertainty. Despite this warning, the bank's shares experienced an unexpected surge. - read more