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

ASIC Highlights Concerns in Private Lending Sector

26 Apr 2026: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the private lending sector, revealing significant inconsistencies and potential risks. This scrutiny comes in response to the sector's rapid expansion, with private credit extending approximately $200 billion in loans, primarily to high-risk real estate developers and property investors. - read more

Regulators Focus on Non-Bank Lenders Amid Rising Popularity

26 Apr 2026: Paige Estritori

As more Australians turn to non-bank lenders for property loans, the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have intensified their scrutiny of this rapidly growing sector. The shift is driven by borrowers seeking more flexible lending criteria and competitive rates, especially in a housing market characterized by high prices and stringent bank lending standards. - read more

Understanding Australia's 2026 Lending Rule Changes

26 Apr 2026: Paige Estritori

In 2026, Australia's lending landscape is undergoing significant transformations, directly impacting borrowers' capacities and loan eligibility. Key changes include the introduction of debt-to-income (DTI) limits, tightened lending criteria for trusts and companies, and adjustments in fixed-rate loan pricing. - read more

Non-Bank Lenders Excluded from Government's $1 Billion Loan Scheme

26 Apr 2026: Paige Estritori

Moneytech has expressed concerns over the Australian government's $1 billion Economic Resilience Program, which currently excludes non-bank lenders from administering loans. Announced by Prime Minister Anthony Albanese, the scheme aims to provide zero-interest loans of up to $5 million to eligible small and medium-sized enterprises (SMEs) in sectors like fuel, fertiliser, and plastics, helping them manage rising operational costs. - read more

RIC Holds Farm Loan Interest Rate at 5.18% Starting February 2026

26 Apr 2026: Paige Estritori

The Regional Investment Corporation (RIC) has announced that its variable interest rate for farm business loans will remain at 5.18% from 1 February 2026, offering stability to farmers facing financial pressures. This decision marks the fourth consecutive review where the rate has been held steady, reinforcing RIC's commitment to supporting the agricultural sector during uncertain economic times. - read more

Click for more Finance News